Al Baraka approves $82m cash dividends
Manama, March 24, 2014
Al Baraka Banking Group (ABG) shareholders have approved cash dividend payout and bonus share issue amounting to $82.3 million besides the bank's move to raise its capital to $1.09 billion.
This came about during the Bahrain-based Islamic retail bank's annual and extraordinary general meetings yesterday at the Sheraton Hotel.
Shareholders will get one bonus share for every 23 fully paid-up shares (amounting to $45.5 million), reported the Gulf Daily News, our sister publication.
The issued and paid-up share capital of ABG has been raised from $1,048,290,833 to $1,093,868,695 by transferring $45,577,862 to the share capital.
The meetings also saw the election of a new board of directors for a term of three years.
They are: Shaikh Saleh Abdullah Kamel, Abdullah Saudi, Abdullah Saleh Kamel, Saleh Mohammed Al Yousef, Adnan Ahmed Yousif, Abdul Ellah Sabbahi, Ibrahim Fayez Al Shamsi, Yousef Ali Fadil Bin Fadil, Jamal bin Ghalita, Dr Bassem Awadallah, Mohyedin Saleh Kamel, Fahad Abdullah Al Rajhi and Saud Saleh Al Saleh.
The group has reported 10 per cent year-on-year growth in net profit at $258m for last year.
Total assets increased by 10 per cent, total financing and investments by 7 per cent, and deposits including equity of investment account-holders by 8 per cent at the end of December last year when compared with the levels at the end of December 2012.
Shaikh Saleh told shareholders that "the excellent financial results were a result of strategies based on the resources possessed by the group."
"ABG implemented programmes based on prudent measures necessitated by financial conditions and the need to continue to expand in existing markets while providing innovative Islamic products and services to customers.
"The group now exists in a wide geographical area covering three continents and 15 countries serving a population of one billion people," he added.
The group's president and chief executive Adnan Yousif said the results were the outcome of a number of initiatives launched during the past year including continual improvement of product and service quality, introduction of more innovative products, and planned expansion in subsidiaries now exceeding 479 branches.
"Employees of the group now exceed 9,891, and all these initiatives have contributed to maximising returns to shareholders and investors," he added.-TradeArabia News Service