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VAKIFBANK
2011
ANNUAL REPORT
22
Profit Distribution Proposal for 2011 and
Profit Distribution Policy
At its meeting dated March 14, 2012, the Bank’s Board of Directors reached the following resolution:
To submit the following actions for the approval of the General Assembly of Shareholders:
To distribute TL 1,201,261,846.84, calculated by subtracting TL 25,523,621.97 of non-distributable net income from
deferred tax assets, from TL 1,226,785,468.81 of balance sheet profit from 2011 operations, in accordance with
Article 9 of the Bank’s Charter Act and with Article 84 of the Bank’s Articles of Incorporation, as presented in the
appended profit distribution table,
To transfer TL 97,000,000.00 that was booked as an expense and set aside to be paid to the employees in 2011,
pursuant to Article 9/D of the Bank’s Charter Act (Law No. 6219) and Article 84/C of VakıfBank’s Articles of
Incorporation, to the related account to be paid to the Bank’s employees in dividends,
To transfer TL 33,496,869.39, which is 75% of the TL 44,662,492.52 in proceeds received from the sale of subsidiaries
and real estate properties disposed of during 2011, to be tracked in a special liability-side reserve account pursuant to
Article 5/1-e of Corporate Tax Law No. 5520.
At its meeting dated March 4, 2010, the Bank’s Board of Directors made the following decision:
Our Profit Distribution Policy: “The profits remaining after the subtraction of deferred tax asset income, distribution
of which is prohibited by laws and regulations, and after the application of Article 9 of the Bank’s Charter Act (Law
No. 6219) and of paragraphs (a), (b), and (c) of Article 84 of the Bank’s Articles of Incorporation, shall be distributed
according to the principles set forth in the proposal made by the office of the CEO and approved by the Board of
Directors, and in accordance with regulations of the Capital Markets Board (CMB) and the Banking Regulation and
Supervision Agency (BRSA) and other applicable laws and regulations, while also taking into account the Bank’s capital
adequacy ratio, overall economic environment and future outlook.
2011 Profit Distribution Table
Balance Sheet ProfIt
1,226,785,468.81
Deferred Tax Assets (-)
25,523,621.97
Distributable Net Profit
1,201,261,846.84
I- Legal Reserves
120,126,184.68
1. First Legal Reserves (Turkish Commercial Code 466/1)
60,063,092.34
2. Legal Reserves set aside as per the Bank’s Charter Act and Articles of Incorporation
60,063,092.34
II- Profit Distributable to Shareholders
1,081,135,662.16
III- Special Reserves
33,496,869.39
IV- Extraordinary Reserves (The Bank’s Charter Act 9/E)
1,010,638,792.77
V- Dividend to be Paid to Shareholders
37,000,000.00