VTB is converting preferred shares into common shares, and I'm recalculating the history to get a result based on the new data.

Figure 1.

Historically, the average amount of dividends is about 4.5 rubles per share.

Now the bank's primary profit comes not from interest income, but from bond revaluations.

This is not monetary in nature.

Figure 2.

Thus, increased dividends, if any, will be temporary.