29. Dividends

In mln of Russian Roubles 2011 2010
  Ordinary Preference Ordinary Preference
Dividends payable at 1 January 65 29 92 30
Dividends declared during the year ended 31 December 19,860 1,150 1,727 450
Dividends paid during the year ended 31 December (19,816) (1,135) (1,754) (451)
Dividends payable as at 31 December 109 44 65 29
Dividends per share declared during the year (RR per share) 0.92 1.15 0.08 0.45

All dividends were declared and paid in Russian Roubles.

In accordance with the new Dividend policy of the Bank approved in August 2011 and as part of initiatives to optimise its capital structure and build long-term relationships with its shareholders, during 2011-2013 the Bank intends to increase dividend payments up to 20% of the determined net profit based on annual consolidated financial statements of the Bank prepared in accordance with IFRS. Consequently, the Bank intends to ensure the consistency of its Dividend policy. In accordance with the new Dividend policy, on 16 March 2012 the Supervisory Board recommended to the General Shareholders Meeting to distribute RR 47 491 mln to shareholders as dividends.

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