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VAKIFBANK ANNUAL REPORT 2013
At its meeting dated February 28, 2014,
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 1,585,538,941.14 of
distributable net income from 2013
operations, in accordance with Article 9 of the
Bank’s Act and with Article 84 of the Bank’s
Articles of Incorporation, as presented in the
appended profit distribution table,
To transfer TL 118,800,000,000.03 that was
booked as an expense and set aside to be
paid to the employees in 2013, pursuant to
Article 9/D of the Bank’s 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 as dividends,
To transfer TL 2,001,628.19 which is 75%
of the TL 1,501,221.14 in proceeds received
from the sale of subsidiaries and real estate
properties disposed of during 2013, 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 and submitted to the
General Assembly:
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 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 Chief Executive Officer
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.”
2013 PROFIT DISTRIBUTION
PROPOSAL AND PROFIT
DISTRIBUTION POLICY
2013 Profit Distribution Table (TL)
Balance Sheet Profit
1,585,538,941.14
Deferred Tax Assets (-)
-
Distributable Net Profit
1,585,538,941.14
I- Legal Reserves
158,553,894.12
1. First Legal Reserve (T.C.C. 466/1)
79,276,947.06
2. Legal Reserves set aside as per the Bank’s
Act and Articles of Incorporation
79,276,947.06
II- Profit Distributable to Shareholders
1,426,985,047.02
III- Special Reserves
1,501,221.14
IV- Extraordinary Reserves (Bank’s Charter 9/E)
1,325,483,825.88
V- Dividends to be Paid to Shareholders
100,000,000.00