Bahrain's Al Baraka stockholders get 53% payout

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MANAMA: Al Baraka Banking Group (ABG) shareholders who bought the stock at $3.08 upon its listing in 2006 have recovered 53pc of their capital, the bank’s top official has said.

Addressing shareholders during annual and extraordinary general meetings at the bank’s headquarters in Bahrain Bay yesterday, ABG president and chief executive Adnan Ahmed Yousif said the significant payback rate came in the form of 21pc cash dividend and 32pc bonus share return.

“The group has distributed dividend in all years since its listing on the stock exchange in 2006. With the distribution of cash dividends this year, the original shareholders who bought the stock at $3.08 upon listing have recovered 53pc of their capital,” he said.

The meetings also saw shareholder approval for cash dividend of $37.3 million for 2018. The payout amounts to three cents per share, equating to 3pc of the par value of the share.

The group reported net operating income increase of 4pc to $447m in 2018 compared with 2017.

The net income saw a growth of 5pc to $217m in 2018 compared with 2017, despite the increase in prudential provisions done in order to improve the quality of assets.

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