Ahli United Bank's AGM approves 18% cash dividends and 5% bonus stock for shareholders
Ahli United Bank B.S.C today held its Annual General Meeting and the Extraordinary General Meeting at the Bank's headquarters in Seef District, Kingdom of Bahrain. The meetings were presided over by AUB’s Chairman Mr. Hamad M. Al-Humaidhi and were attended by shareholders representing 81% of Bank's shares.
AUB's AGM has approved the distribution of a cash dividend of 18% (US$ 4.5 cents per share) together with bonus shares of 5% (five shares per 100 ordinary shares) in respect of the financial year ended 31 December 2015 for shareholders registered as of 29 March 2016.
AUB's shareholders elected Mr. Abdulghani M.S.Y. Behbehani as a Shareholder Director and approved the appointment of Mr. Ahmed Ghazi Al Abduljaleel as a representative of Kuwait’s Public Institution for Social Security and Mr. Mohamed Tareq M. Sadeq as an expert director to the Board, subject to an approval by the Central Bank of Bahrain.
AUB's AGM also approved the repurchase by AUB of its own shares up to a maximum of 10 % of its issued capital in accordance with the terms and conditions set by the Central Bank of Bahrain.
In their EGM, AUB's shareholders voted to extend for a further two years their authorization for the Board of Directors to decide on the timing, pricing and terms of the issuance of up to US$ 4 billion in bonds, loans or any other similar subordinated financial instruments deemed required to support the growth plans of the Bank.
Addressing the shareholders, Mr. Al-Humaidhi said: "Despite the global uncertainties and continuing challenges faced in its operating markets, AUB reported another robust performance in 2015, by achieving an 11.3% growth in net profit to US$ 537.2 million, on the back of strong operating income totaling US$ 1,091.9 million, thereby validating the resilience and viability of its core business model based on product and market diversification".
"Our resilient performance during 2015 was only made possible thanks to the continued trust and confidence of our shareholders, the strong support of our customers and business partners, the dedication and professionalism of our staff as well as the constructive guidance of the regulators in our operating markets".
"On behalf of the Board, I welcome and congratulate the incoming directors and look forward to closely working with them. I also join fellow members of the Board in paying tribute to our esteemed colleague, the late Mr. Mohammed Saleh Bebehani who passed away in January 2016. He not only brought extensive insights, experience and wisdom to the working of AUB over the years since its inception but also left his mark as an accomplished businessman, a distinguished citizen and a pioneer in Kuwait and the Gulf at large".
Mr Al-Humaidhi concluded:" 2016, as all years, brings its challenges which appear to be strong and increased. Our response will continue to be hard work, focus and a commitment to client servicing and prudent asset deployment”.
Ahli United Bank
Ahli United Bank BSC (AUB) is a full fledged commercial and investment banking group providing wealth management, retail, corporate, treasury, offshore and private banking services.
The Group's businesses consist of the operations in Bahrain, a wholly owned subsidiary in the UK and associates in Kuwait, Qatar, Oman, Egypt and Iraq. In Kuwait, AUB has an effective holding of 75% in the Bank of Kuwait and The Middle East while in Qatar, AUB has a 40% stake in Ahli Bank QSC. In Oman, AUB has a 35% stake in Ahli Bank SAOG while in Iraq AUB has a 49% stake in the Commercial Bank of Iraq. In Egypt, AUB, its associate banks and other Gulf financial institutions together hold an 89.3% stake in Ahli United Bank SAE. Apart from these banks, AUB has a nominal stake of 75% in KMEFIC, a brokerage, asset management and corporate finance company based in Kuwait with operations around the Arabian Gulf.
Overall, the AUB Group, through its subsidiaries and associates, operates through a network of 93 branch offices and employs over 3,000 people.
AUB’s stated mission is to create an unrivalled ability to meet customer needs, provide fulfillment and development for staff and to deliver outstanding shareholder value. AUB’s strategy is to expand through both organic growth and acquisition in order to act as a ‘multifaceted financial bridge’ between the international financial markets and its Gulf clients. It has sought to establish an operating presence in each of the Pan-GCC countries with a targeted 10% - 20% market share. To this end, AUB continues to develop and invest to increase its ability to acquire new businesses and rapidly integrate them with the bank’s systems. This development has helped accelerate progress in the delivery of financial services and penetration into targeted geographical markets.