MANAMA: Al Baraka Banking Group (ABG) shareholders have approved the proposed distribution of profits for the financial year ended December 2019.
They have approved the transfer of 10 per cent of the net income amounting to $10,567,218 to the statutory reserve, the distribution of $24,857,595 as cash dividend to the shareholders amounting to two cents for each share equal to 2pc of the par value of the share, and the transfer of $70,247,367 to the retained earnings.
All these proposed distributions are subject to the required official approvals.
This was announced following an ordinary general meeting yesterday at Al Baraka headquarters in Bahrain.
Vice chairman Abdulla Al Saudi chaired the meeting, in which the group’s shareholders discussed the report submitted by the board of directors on the group’s activities, the report of the Sharia Supervisory Board and the external auditor’s report for the year ended December 2019.
The consolidated financial statements for the financial year ended 31 December 2019 was also reviewed and approved.
During the meeting, the following members of the board were elected for a period of three years: Shaikh Saleh Kamel, Abdullah Kamel, Adnan Yousif, Abdul Sabbahi, Saud Al Saleh, Khaled Ateeq, Fahad Al Rajhi, Dr Jehad El Nakla, Dalia Khorshid, Naser Al Nuwais, Mohamed Rouhou, Dr Ziad Bahaaeldin and Mohamed Alshroogi.
Shareholders have praised the performance of the group in 2019 and the excellent financial results achieved, especially that all units of the group contributed to the results.
Mr Al Saudi extended his thanks to the seven members of the board who left the directorship, explaining that this came in compliance with the instructions of the Central Bank of Bahrain to restrict the number of years of service in the membership of boards of directors in banks.
Mr Yousif, board member, president and chief executive of ABG, thanked shareholders for their support.
The financial results for 2019 showed that the total net income of the group was $180.2m.
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