Manama – March 6, 2019: National Bank of Bahrain (NBB) today announced the conclusion of its Annual Ordinary and Extraordinary General Meeting, where it approved the distribution of a dividend of 35%, comprising a 25% cash dividend and a 10% stock dividend in the form of bonus shares. The Bank’s shareholders are eligible to receive the dividend, which will be distributed from 17 March 2019.
Shareholder approval was also received on the Bank’s financial statements for 2018, another year of record profitability and growth in which NBB increased its net profit by 14.8% to BD70.0 million (US$186.1 million). The transfer of approximately BD3.5 million (US$9.3 million), equivalent to 5% of the Bank’s profits, was passed by the assembly for NBB’s Donations and Contributions Program, which remains central to the Bank brand promise to get closer to and support the community across key areas such as health, social welfare, education, financial technology, among others.
An increase in the Bank’s authorised capital from BD150.0 million to BD250.0 million, 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 BD140.3 million to BD154.3 million.
Commenting, Mr. Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said, “We are delighted to announce another strong dividend for our shareholders following record results and double-digit growth in profitability for 2018. Our results underscore the strength of the strategy that NBB has adopted and the strides we have made in the diversification and digitalisation of the business as part of our dedication to maintaining market leadership and continuing to transform into a Bank that is purpose built for the future. We have entered 2019 with strong momentum and will continue to focus on value creation for our shareholders, customers and community as well as on enhancing our performance and position as a driver and contributor to economic growth in Bahrain and other GCC markets where we are active.”
Mr. 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. We are proud of our result and, in particular of our ability to significantly step up our participation in the local economy, as seen through loan growth, further support for SMEs and participation in major government and project financing. 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. We thank our Board and shareholders for their confidence in our strategy and our ability to keep taking the Bank from strength to strength.”