Cairo – Al Baraka Bank-Egypt’s ordinary general meeting (OGM) has approved not to distribute cash dividends for 2023.

The decision followed an amended proposal from the bank’s board on 21 March 2024 not to distribute dividends, according to a bourse filing.

It is worth noting that the board approved in February the distribution of EGP 1 billion in cash dividends, or around EGP 1.38 per share, for the fiscal year 2023.

Al Baraka Bank-Egypt logged a consolidated net profit after tax of EGP 2.21 billion in 2023, up from EGP 1.74 billion in 2022.

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