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NBB elects new board of directors

Bahrain Business
Thu, 08 Mar 2018
Avinash Saxena
1 of 10

MANAMA: National Bank of Bahrain (NBB) shareholders will get a dividend of 35 per cent for last year, including 25pc cash dividend and a 10pc stock dividend in the form of bonus shares.

The announcement follows the approval yesterday during the annual general assembly of the dividend proposal and financial statements for 2017, a year in which NBB reported record net profit of BD61.01 million ($162.25m), an increase of 4.8pc from 2016.

The assembly also approved a number of transfers including approximately BD3.1m (5pc of the bank’s profits) to its donations and contributions programme.

It also saw the election of the bank’s new board of directors for the next three years to March 2021.

They are: chairman Farouk Almoayyed, deputy chairman Dr Essam Abdulla Fakhro, and directors Khalid Abdul Rahman, Hussain Al Ghanem, Fawzi Kanoo, Khalid Al Romaihi, Shaikh Rashid bin Salman Al Khalifa, Hala Yateem, Yusuf Alireza, Mohamed Tareq Akbar and Rishi Kapoor.

“We are pleased with the performance and the strong shareholder returns delivered for 2017,” said Mr Almoayyed.

“Our continued growth has been driven by a new strategic plan, which has seen NBB expand its revenue streams, strengthen its regional presence and achieve operational enhancements.

“This progress, which has come despite ongoing regional and global economic challenges, reinforces the resilience of NBB,” he added.

The chairman also welcomed the new board, including the bank’s first ever female director, and thanked outgoing directors Abdulla Alireza, Ali Hussain Yateem and Mir Zulfekar for their contributions.

A new strategy adopted last year focuses on expanding the business mix for more effective participation in the local economy, diversification of clientele base and greater innovation through investment in human capital and the digitalisation.

NBB chief executive Jean-Christophe Durand said efforts last year to strengthen the underlying business resulted in an increase in deposits and stronger income generation.

“We have also been vigilant on managing expenses and successfully reduced costs even while investing in the diversification and modernisation of the bank.

“Ultimately, all our efforts are geared towards the strengthening of the bottom line and value creation for our customer and shareholders.

“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,” added Mr Durand.

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