Bank Saint Petersburg's Supervisory Board approved $17.4 million in dividend payments to shareholders on Monday.

The bank said this is 20 percent of 2014's net income under Russian Accounting Standards. 

"It is the first time we have declared such high dividends on ordinary shares," Alexander Savelyev, chairman of the bank's Supervisory Board, said. "This decision reflects our focus on the growth of long-term shareholder value of the bank and its attractiveness as an object of investment. At the same time, it is a sign of gratitude to our investors, which opens a new chapter in our relations with the market." 

Dividends amount to 4 cents per ordinary share. The remaining $68.6 million of the bank's 2014 net profit will be used to develop the bank and its services. During this Monday meeting, Vladimir Likhodievsky was elected to the Management Board.