NBB AGM okays cash dividend of 25pc, 10pc bonus shares

TDT | Manama

National Bank of Bahrain (NBB) Annual Ordinary and Extraordinary General Meeting yesterday approved the distribution of a dividend of 35 per cent, comprising a 25pc cash dividend and a 10pc stock dividend in the form of bonus shares.

The Bank’s Shareholders eligible to receive the dividend, which will be distributed from 29/3/2020, NBB statement said released following the meeting held at Downtown Rotana Hotel. The meeting was chaired by Farouk Yousuf Khalil Al Moayyed, NBB Chairman. 

Shareholders also approved the bank’s financial statements for 2019 in which NBB increased its net profit by 6 per cent to 74.2 million compared to BD 70.0 m in 2018. An increase in the Bank’s issued and paid-up capital from BD 154,775,975 m to BD 170,253,573.200 m, subject to Central Bank of Bahrain approval, was also approved by shareholders. 

The transfer of approximately BD 3.71 m, equivalent to 5pc of the Bank’s profits, was also passed by the assembly for NBB’s Donations and Contributions Programme.

Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said, “We are determined to continue on our ambitious growth journey and build on this year’s strong performance to sustain-long term success for NBB, and deliver value to our shareholders.” Jean-Christophe Durand, NBB’s Chief Executive Officer, added, “Following our acquisition of a majority stake in Bahrain Islamic Bank (BisB) earlier this year, our key areas of focus for 2020 and beyond will be exploiting our new Islamic banking capabilities to penetrate new market segments. We will also focus on strengthening our regional footprint through our existing branches and new geographies.”