NBB AGM approves dividend

The National Bank of Bahrain (NBB) yesterday approved a dividend distribution of 35 per cent, comprising a 25pc cash and a 10pc stock in the form of bonus shares during its Annual Ordinary and Extraordinary General Meeting. The dividend will be dist ributed from 17 March 2019.

Moving ahead, shareholders approved the bank’s financial statements for 2018 in which NBB increased its net profit by 14.8 per cent to BD70.0 million (US$186.1m). The meeting also approved a transfer of approximately BD3.5m (US$9.3m), equivalent to 5pc of the bank’s profits to NBB’s Donations and Contributions Programme. An increase in the bank’s authorised capital from BD150m to BD250m, subject to Central Bank of Bahrain approval, was also approved by shareholders, as well as an increase in the issued and paid-up capital from BD140.3m to BD154.3m.

Jean-Christophe Durand, NBB’s Chief Executive Officer, added, “Ongoing expansion of our business and revenue streams, strengthening of our regional presence and operational enhancements through digital innovation have supported NBB’s strong performance, profitability and dividends for 2018.” “This is a very exciting time for the Bank as we continue our journey of transformation, which has already seen us become more consumer-centric, digitally focused and modern.

To mark this important shift, we also recently launched a new identity, which gives us a look and feel mirroring our efforts and ambitions to see NBB lead in today’s digital banking age. We remain dedicated to continuing this progress and to further improvements in 2019 to our financial performance and the way we serve and connect with our customers.”