OREANDA-NEWS. May 10, 2011. Kazkommertsbank (KKB or “the Bank”), one of the leading banks in Kazakhstan and Central Asia, announces today that its shareholders have approved the audited consolidated annual financial statements of the Bank for the year of 2010 and the Management report on the bank’s activities in 2010, reported the press-centre of Kazkommertsbank.
 
The net income of the Bank for 2010 was capitalized as retained earnings. It was decided that dividends would not be paid on common shares in 2010. 12 December 2011 was set as the start date for the payment of dividends on preference shares. The completion date for the list of shareholders eligible for the payment of dividends on preference shares is 12 November 2011.The dividends on preference shares of the Bank are fixed at 0.04 USD per one preference share as described in the Share Emission Prospectus of the Bank.
 
The reserve capital of the Bank was increased by KZT 10,448,000 from retained earnings. Increase in the reserve capital of the Bank did not affect the Bank’s equity, as retained earnings from previous years and reserve capital from net profit are included in the equity of the Bank.
 
Shareholders have approved the Deloitte as the external auditor of the Bank, and have set remuneration levels for the members of the Board of Directors for 2011.  The shareholders have also considered shareholders’ appeals to the Bank and its authorities’ actions and the results of this consideration. The Bank’s shareholders were also informed about the composition and size of remuneration of the members of the Board of Directors and the Management Board in 2010.