AUB announces dividend of 20pc cash, 10pc bonus shares

Ahli United Bank (AUB) AGM yesterday approved the distribution of a cash dividend of 20 per cent (US$ 5.0 cents per share), totalling US$ 398.8 million, together with a bonus share issue of 10pc (10 shares per 100 ordinary shares) to shareholders registered as at 28 March 2019. The shareholders also approved the repurchase by the Bank of its own shares up to a maximum of 10pc of its issued shares in accordance with the terms and conditions set by the regulators.

The Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) was held at the Bank’s headquarters in Seef District. The meetings were presided over by AUB’s Chairman Meshal AbdulAziz Alothman and were attended by shareholders representing 74.6pc of Bank’s total issued shares. At the EGM held on the same day, shareholders resolved to extend, for a further two years, their standing authorization for the Board of Directors to decide on the timing, pricing and other terms of the issuance of up to US$ 4 billion in bonds, loans or other financial instruments, as necessary to support the growth plans of the Bank.

AUB’s Chairman Alothman said: “Our robust financial performance for the year with consolidated net profit up by 12.7pc to a record level of US$ 697.5 million on the back of very resilient and broad-based earnings momentum, enables us today to propose an increase in shareholders’ dividend to 20pc in cash and 10pc in bonus shares in respect of 2018”.