NBB to distribute 25 pc dividends, 10pc bonus shares
Manama : National Bank of Bahrain (NBB) has approved the distribution of a dividend of 35 per cent, which comprises a 25pc cash dividend and a 10pc stock dividend in the form of bonus shares.
Shareholders in the Bank’s share register as of date 7 March 2018 are eligible to receive the dividend, which will be distributed from 18 March 2018, the banks said in a statement following its Ordinary General and Extraordinary General Assembly.
The meeting approved the bank’s financial statements for 2017, a year in which NBB reported record net profit of BD61.01 million (US$ 162.25 million), an increase of 4.8pc from 2016 and a number of transfers including approximately BD3.1 million (5pc of the Bank’s profits) to its Donations and Contributions Program.
The assembly also elected the Bank’s new Board of Directors for the next three years from March 2018 to March 2021. They are Farouk Yousuf Khalil Almoayyed – Chairman, Dr. Essam Abdulla Fakhro – Vice Chairman, and Directors: Khalid Yousif Abdul Rahman, Hussain Sultan Al Ghanem, Fawzi Ahmed Kanoo, Khalid Omar Al Romaihi, Shaikh Rashid Bin Salman Mohamed Al Khalifa, Hala Ali Husain Yateem, Yusuf Abdulla Yusuf Akbar Alireza, Mohamed Tareq Mohamed Sadeq and Rishi Kapoor.
Commenting, Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said, “We are pleased with the performance of the Bank and the strong shareholder returns delivered for 2017. As we move forward in 2018, I would like to reiterate our commitment to our shareholders, customers and the community and to delivering even stronger results in the year
ahead.”
Jean-Christophe Durand, NBB’s Chief Executive Officer, added, “We look forward to building on the momentum with which we have entered 2018 and leveraging our enhanced focus, financial position and human capital to achieve even further progress and growth.”
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