Source Pravda.Ru

Sberbank expects $1bn net income for 2002 - 17 April, 2003

According to preliminary information, Sberbank's net income calculated in accordance with Russian accounting standards amounted to about $1bn in 2002, Vadim Kleyner, a member of the Supervisory Board of Sberbank, declared at a news conference. The 2002 net income grew by about 30 percent compared to the results in 2001. According to Kleyner, this income will enable the bank to pay $3.5 in revenues per common share to Sberbank stockholders.

Kleyner also reported that on June 27, 2003 the annual shareholders' meeting would take place, at which participants are to approve the report for 2002, the accounting balance sheet as of January 1, 2003, 2002 financial statements on incomes and losses, the report on distributing income and paying dividends for 2002 and some other issues.

Moreover, a new Supervisory Board of Sberbank will be elected at the annual shareholders' meeting. Among 20 candidates, 7 candidates represent the Russian Central Bank, 3 represent the Finance Ministry, 1 the Presidential Administration, and 4 represent Sberbank.

Kleyner also specified that the date of record of shareholders that had the right to participate in the annual shareholders' meeting is May 10, 2003.

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