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Investing.com -- Shareholders of Russia’s largest lender Sberbank approved a record dividend payout of 786.9 billion roubles ($10.01 billion) on Monday, the company announced.
Half of the dividend payout will be directed to Russia’s federal budget, as Sberbank is majority-owned by the Russian state. The substantial dividends from Sberbank are a major contribution to Russia’s budget revenues, helping the government maintain heavy spending, particularly on military operations in Ukraine.
Finance Minister Anton Siluanov stated that dividends from Russia’s largest companies play an important role in the budget.
"The record size of Sber’s dividends will make it possible to increase the efficiency of state expenditure and ensure the stability of Russia’s financial system," Siluanov said.
The bank reported a record annual net profit of 1.58 trillion roubles last year.
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