Sberbank sticks to fat dividend promise despite global sell offs

Russia's biggest bank Sberbank said on Tuesday its board recommended a dividend payment of 50% of its net profit, sticking to an earlier commitment to pay generous dividends despite global sell offs caused by the coronavirus outbreak.
Chief Executive Officer German Gref told reporters that a fall in oil prices and coronavirus outbreaks worldwide that have created volatility on global markets did not represent a significant problem for the state-owned bank.
Sberbank had the capacity to draw 3 trillion roubles ($40 billion) in liquidity from different sources to counter the financial impact of volatile markets on its business, he said.