Egypt's Faisal Islamic Bank approves dividends for 2019, capital raise

Shareholders decided to increase the issued and paid-up capital by 15%

Employees work at their counters at a bank in Cairo February 20, 2011.

Employees work at their counters at a bank in Cairo February 20, 2011.

REUTERS/Suhaib Salem

Cairo – The ordinary general meeting (OGM) of Faisal Islamic Bank of Egypt approved the proposed cash dividend distribution for 2019.

The bank’s shareholders agreed to distribute $0.08 per share denominated in US dollar after zakat deduction as well as EGP 1.283 per share denominated in the Egyptian pound after zakat deduction, according to a bourse disclosure on Sunday.

In February, the bank’s board of directors recommended a cash dividend distribution of EGP 564.91 million for 2019's earnings, compared to EGP 525.7 million a year earlier.

In addition, the bank's shareholders also decided to increase the bank’s issued and paid-up capital by 15% through the issuance of 0.149 bonus share for every share held to be financed by retained earnings.

For the full-year 2019, the bank logged net profits of EGP 2.71 billion, compared to EGP 2.51 billion in the prior year.

Source: Mubasher

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