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Al Baraka Banking Group AGM approves $175.36 million payout.

Al Baraka Banking Group held its Ordinary and Extra-ordinary General Meetings on Wednesday 21 March 2012 in Manama, Bahrain. The meeting approved the recommendations of the Board of Directors to pay cash dividends to shareholders at the rate of 3.5 cents per share, amounting to a total of $30.43 million and the issue of bonus shares at the rate of one share for every six paid shares (amounting to $144.93 million) to the shareholders registered on the date of the Annual General Meeting, after obtaining the approval of the authorities concerned. After the Ordinary General Meeting, an Extraordinary General Meeting was convened that approved increasing the issued and paid up capital.

HE Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group said, "The outstanding financial results achieved by Al Baraka Banking Group in 2011 were the result of the implementation of carefully studied ambitious strategies that struck a balance between the adoption of prudent and conservative measures required by the prevailing regional and global economic and financial conditions on the one hand, and continuing our expansion in the different markets and in providing innovative Islamic products and services to our customers, on the other."

Adnan Ahmed Yousif, member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group, said that, "The cash dividends and bonus shares distributed to the shareholders reflect the outstanding results that we achieved in 2011. These results confirm as amounts and key indicators our success in dealing with the current banking and financial situation. We prepared ourselves early for the repercussions of the crisis by developing balanced business strategies that enabled us maintain expansion in providing finance and investment services and products through our subsidiary units on the one hand, and continue with the implementation of our investment spending programs in the areas of expanding our branch network and modernizing the IT infrastructure and human resources on the other. Such strategies also required us take the necessary prudent measures to address the adverse developments arising from the financial crises by strengthening our liquid assets and the building up of reserves. Praise to Allah, we were able to implement these strategies successfully, and as a result we are now at the forefront of Islamic banking institutions that are able to continue achieve growth and profits."

The Group showed a net profit of $212 million for 2011, an increase of 10 per cent year-on-year. Total assets increased by eight per cent, total finance and investments by four per cent, deposits including equity of investment accountholders by eight per cent.

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Mar 21, 2012
Words:443
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