NBB AGM approves 20pc cash dividend

MANAMA: National Bank of Bahrain Group (NBB Group) shareholders approved the distribution of a dividend of 30 per cent, comprising a 20pc cash dividend and a 10pc stock dividend in the form of bonus shares.

The announcement follows the ordinary and extraordinary general meetings held virtually yesterday and led by NBB chairman Farouk Almoayyed.

Shareholders also approved the group’s financials for 2020, where resilience was noted despite the circumstances of the pandemic.

The group’s total assets increased by 36.5pc to BD4,361.4 million compared to BD3,194.5m as of end-2019.

The increase was attributable to the consolidation of Bahrain Islamic Bank (BisB) as well as strong demand for NBB loan products during 2020.

Mr Almoayyed said: “The NBB Group remains committed to delivering consistent returns for its shareholders, and I am proud of the group’s resilient performance throughout 2020. NBB Group continuously strives to enhance its performance as a key driver and contributor to the kingdom’s growth, by analysing market opportunities and leveraging on our industry acumen to balance our business portfolios and diversify our revenue streams. We are determined to continue on our journey of sustainability and build on this year’s resilient performance to sustain-long term success for the NBB Group, and deliver value to our shareholders.”

NBB chief executive Jean-Christophe Durand said: “The pandemic has demonstrated that good governance demands proactive understanding of environmental, social and governance (ESG) risks and opportunities that can materially impact the group’s performance. We are especially proud of the ESG report which showcases our desire to integrate sustainability into our corporate strategy and business practices.

“Following our acquisition of a majority stake in BisB in 2020, our key areas of focus for 2021 and beyond will definitely be exploiting our new Islamic banking capabilities to penetrate new market segments and growing our regional footprint through our existing branches through sustainable growth, digitalisation and broader innovation. Our strategy aligns to market and industry trends, with diversified routes to ensure that the NBB Group continues to boost its business and remain profitable, to guarantee consistent shareholder returns.”

 

Source: https://www.gdnonline.com/Details/940078/NBB-AGM-approves-20pc-cash-dividend

 

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