The Board of Directors of BLOM BANK S.A.L., Lebanon’s largest bank, has proposed to the General Assembly of shareholders to increase the dividend distributed on 2000 profits by 15.21 percent to LP2,650 ($1.758 at current closing exchange rate) per share compared to LP2,300 ($1.526) per share for the previous year. The payment is expected to occur on April 10th 2001.
Accordingly, the total dividend allocated for 2000 will amount to LP49.025 billion ($32.52 million at current closing exchange rate), thus resulting in a dividend payout ratio of 41.43 percent. The distribution of dividends concurs with the Bank’s policy adopted during the recent years of distributing around 40 percent of its net income. By deciding to increase the dividend per share, the Board of Directors took into consideration the increase of BLOM BANK’s net profits in 2000 by 11.06 percent, to reach LP118.339 billion ($78.5 million).
The remaining balance of BLOM BANK’s 2000 net profits, which amounts to LP69.314 billion ($45.98 million), will be added to the bank’s reserves. This will bring tier one capital after dividend distribution to LP430.906 billion ($285.84 million), excluding the bank’s accumulated profits during 2001.Total bank capital and assimilated funds after dividend distribution, excluding 2001 profits, will amount to LP560.011 billion ($371.48 million). — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)