Tatfondbank directed to reserve fund more than half of net profit for 2004

Shareholders of Tatfond bank (Kazan) at the annual meeting at the end of May have decided not to pay dividends for 2004 and to direct to reserve fund 52,6 percent , or 88,88 million roubles from net profit for last year, received in volume of 168,88 million roubles is said in the message of the bank. 50 million roubles more from net profit is directed to development fund and 10 million roubles - in fund of material encouragement and funds of chairman of board and chairman of board of directors.