Yarsotsbank’s annual general meeting decided not to pay out dividends for 2008 “in accordance with the policy pursued by the shareholders aimed at bumping up the bank’s capitalization”, the lending institution’s press service reported Wednesday. In addition, the shareholders gave the approval to an annual report and annual accounting records of the bank. Members of the audit committee and the counting board were elected, and also an independent auditor was appointed for 2009.
Among 2008 headline financials the shareholders were provided with the following: as of January 1, 2009 the bank’s assets totaled Rub 5.20 bln, equity capital came to Rub 628 mln, raised funds amounted to Rub 4.55 bln and profit reached Rub 11.2 mln. The lending institution’s capital adequacy ratio (H1) came in at 19.3% and the current liquidity ratio (H3) equaled 124.3%. The lender’s clientele includes 10,237 clients (6,447 legal entities and 3,790 entrepreneurs). Yaroslav dwellers opened around 250,000 bank accounts with Yarsotsbank.
The lending institution’s press service reported that at the end of 2008 a transaction was wrapped up under which Promsvyazbank acquired a 51.3% interest in Yarsotsbank’s charter capital. A board meeting conducted shortly after the AGM elected Igor Smelyansky, Promsvyazbank’s director for asset integration, as the lending institution’s board chairman.
