Bank of Bahrain and Kuwait (BBK) shareholders yesterday approved a cash dividend of 35 fils per share, totalling BD63.1 million, during the bank’s annual general meeting (AGM) held at the Four Seasons Hotel.
The AGM, which reviewed BBK’s 2024 performance, also saw shareholders endorse the board of directors’ report and the audited financial statements. BBK Group chief executive Yaser Alsharifi presented key achievements and milestones for the year.
The dividend, representing 35 per cent of the nominal share value, includes an interim dividend of 12.5pc, equivalent to BD22.6m.
Further approvals included allocations of BD4.8m to the statutory reserve, BD2.2m for corporate social responsibility initiatives, and BD1.7m to retained earnings.
Shareholders also ratified transactions with related parties, reviewed the Corporate Governance Report, and confirmed the bank’s compliance with Central Bank of Bahrain regulations.
The AGM approved BD660,000 as board remuneration, re-appointed EY as external auditors for 2025 (subject to CBB approval), and granted discharge to board members for their 2024 actions.
The meeting also reviewed the minutes of the previous AGM and discussed other business as per the Commercial Companies Law.
Talking to the GDN on the sidelines, Mr Alsharifi noted the strong 2024 results and a new strategic plan focused on talent, customers, and technology as drivers for future growth.
“BBK’s 2024 performance underscores our robust fundamentals and growth potential,” he added.
The bank’s 2025-2027 strategy prioritises “talent development, employee engagement, and customer centricity,” Mr Alsharifi said, adding that diversifying revenue through fee income and continued tech investment were key goals.
“We are committed to maintaining our position as the preferred financial institution,” he stated.
Mr Alsharifi also confirmed ongoing discussions with National Bank of Bahrain (NBB) regarding a potential strategic partnership. “This collaboration aims to create shareholder value and aligns with national economic growth objectives,” he said, indicating the partnership’s potential to strengthen the regional financial ecosystem.
avinash@gdnmedia.bh
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