Ahli United Bank has approved the distribution of a cash dividend of 18 per cent (4.5 cents per share) together with bonus shares of five per cent for shareholders at its recently held Annual General Meeting and the Extraordinary General Meeting.

 

The meetings were presided over by the bank's chairman Hamad M Al-Humaidhi and were attended by shareholders representing 81 per cent of the bank's shares, said a statement.

 

The shareholders elected Abdulghani M S Y Behbehani as a shareholder director and approved the appointment of Ahmed Ghazi Al Abduljaleel as a representative of Kuwait’s Public Institution for Social Security and Mohamed  Tareq M Sadeq as an expert director to the board, subject to an approval by the Central Bank of Bahrain.  

 

The meeting also approved the repurchase by the bank of its own shares up to a maximum of 10 per cent of its issued capital in accordance with the terms and conditions set by the Central Bank of Bahrain.  

 

In its EGM, the banks's shareholders voted to extend for a further two years their authorisation for the board of directors to decide on the timing, pricing and terms of the issuance of up to $4 billion in bonds, loans or any other similar subordinated financial instruments deemed required to support the growth plans of the bank.​

 

"Despite the global uncertainties and continuing challenges faced in its operating markets, AUB reported another robust performance in 2015, by achieving an 11.3 per cent growth in net profit to $537.2 million, on the back of strong operating income totaling $1.09 billion, thereby validating the resilience and viability of its core business model based on product and market diversification," said Al-Humaidhi.

 

"Our resilient performance during 2015 was only made possible thanks to the continued trust and confidence of our shareholders, the strong support of our customers and business partners, the dedication and professionalism of our staff as well as the constructive guidance of the regulators in our operating markets," he said.

 

"2016, as all years, brings its challenges which appear to be strong and increased. Our response will continue to be hard work, focus and a commitment to client servicing and prudent asset deployment,” he added. - TradeArabia News Service