Tatarstan President Rustam Minnikhanov: Ak Bars Bank is a base bank of the republic

On May 31, at the Korston Entertainment Complex, speaking at the annual meeting of Ak Bars Bank shareholders, Tatarstan President Rustam Minnikhanov said that Ak Bars Bank is a base bank of the republic.

Minnikhanov emphasized that the bank's efficiency is growing, but it is necessary to grow even more seriously, as the bank's profitability "does not correspond to All-Russian indicators".

“Today, it is very important to consolidate positive trends, in this regard, it is necessary to find new markets, to be in the trend of innovative solutions and technologies, to work on improving the facilities and demand for banking products,” Minnikhanov said.

It is important to make banking services as convenient as possible; the main areas are improving speed in the delivery of services  and the wider implementation of remote services, Tatarstan President added.

Board Chairman of Ak Bars Bank Zufar Garayev reported on the results of the bank's activities in 2017. In particular, he said that the financial organization received a net profit in the amount of 797 million roubles and increased by 146 million roubles as compared to the indicators of 2016. The bank’s own capital increased by 7.8 billion roubles and achieved over 78 billion roubles. A profit commission of the bank increased by 16 per cent.

It was decided that Ak Bars Bank will not pay dividends on ordinary shares on the results of the reported year.

As many as 5 per cent of the bank's net profit (39.8 million roubles) will form a reserve fund. The rest profit of the financial institution amounted to 756.7 million roubles should remain in the retained earnings.

The Board of directors of the bank was elected at the annual meeting of shareholders.