- Appoints new board for upcoming three-year period, including Bank’s first female director -
Manama – March 7, 2018: National Bank of Bahrain (NBB) today announced the conclusion of its Ordinary General and Extraordinary General Assembly, where it approved the distribution of a dividend of 35%, marking another year of strong shareholder returns. This comprised a 25% cash dividend and a 10% stock dividend in the form of bonus shares. Shareholders in the Bank’s share register as of date 7 March 2018 are eligible to receive the dividend, which will be distributed from 18 March 2018. The assembly also approved the Bank’s financial statements for 2017, a year in which NBB reported record net profit of BD61.01 million (US$ 162.25 million), an increase of 4.8% from 2016. The assembly also approved a number of transfers including approximately BD3.1 million (5% of the Bank’s profits) to its Donations and Contributions Program, which underpins NBB’s corporate social responsibly activities and dedication to the community. The Bank’s external auditors were reappointed for the forthcoming year.
The assembly also elected the Bank’s new Board of Directors for the next three years from March 2018 to March 2021. They are: Mr. Farouk Yousuf Khalil Almoayyed – Chairman, Dr. Essam Abdulla Fakhro – Vice Chairman, and Directors: Mr. Khalid Yousif Abdul Rahman, Mr. Hussain Sultan Al Ghanem, Mr. Fawzi Ahmed Kanoo, Mr. Khalid Omar Al Romaihi, Sh. Rashid Bin Salman Mohamed Al Khalifa, Ms. Hala Ali Husain Yateem, Mr. Yusuf Abdulla Yusuf Akbar Alireza, Mr. Mohamed Tareq Mohamed Sadeq and Mr.Rishi Kapoor.
Commenting, Mr. Farouk Yousuf Khalil Almoayyed, Chairman of NBB, said, “We are pleased with the performance of the Bank and the strong shareholder returns delivered for 2017. 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 and the strong foundations on which our market leadership is built. I would also like to take this opportunity to welcome our new Board for the next three-year period, including NBB’s first ever female director, and thank our outgoing Directors Mr. Abdulla Yousif Akbar Alireza, Mr. Ali Hussain Yateem and Mr. Mir Zulfekar for all of their contributions over the years in making NBB a premier regional financial institution. As we move forward in 2018, I would like to reiterate our commitment to our shareholders, customers and the community and to delivering even stronger results in the year ahead.”
The Bank’s strategy, adopted in 2017, marked the start of a transformative journey for NBB aimed at ensuring its position as a bank for the future. The strategy focuses on expanding the business mix for more effective participation in the local economy, diversification of the clientele base and greater innovation through investment in human capital and the digitisation of the Bank. With these as core objectives, NBB can secure its ability to grow sustainably, improve efficiency and further strengthen its role as Bahrain’s leading partner for economic development.
Mr. Jean-Christophe Durand, NBB’s Chief Executive Officer, added, “Our new strategy has been effective in supporting growth and the distribution of strong dividends to our shareholders for 2017. During the year, our efforts to strengthen the underlying business resulted in an increase in deposits and stronger income generation. Recognising that our human capital is at the core of our new strategy’s successful implementation, we reinforced the team across all disciplines by attracting new talent and training our colleagues in order to avail them of the skills required to execute our plans in an effective manner. 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.”
About National Bank of Bahrain (NBB)
Established in 1957 as Bahrain’s first locally owned Bank, NBB has grown steadily to become the country’s leading provider of retail and commercial banking services. With a major share of the total domestic commercial banking market and the largest network of 25 branches and 61 ATMs, the Bank plays a key role in the local economy. At the same time, the Bank continues to diversify and develop capabilities to capture business opportunities in the Gulf region and international markets. Our branches in Abu Dhabi and Riyadh lead the way in this initiative.
Publicly listed on the Bahrain Bourse, the Bank is owned 55.82% by private and institutional shareholders, mainly Bahrainis, 44.18% by Bahrain Mumtalakat Holding Company, which is 100% owned by the Government of the Kingdom of Bahrain and 10.88% by Social Insurance organisation.
Market driven and customer led, the Bank harnesses the latest technology to people skills, enabling its employees to deliver highly professional services for retail and corporate customers.
For further information please contact:
Tel: +973 17749759