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Bahrain-based Al Baraka Banking Group to distribute cash dividend

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Bahrain-based Al Baraka Banking Group to distribute cash dividend

Bahrain-based Al Baraka Banking Group BSC will distribute a cash dividend of 2 cents per share for 2017, subject to official approvals.

The cash dividend is equivalent to about $24.1 million. The bank will also distribute bonus shares to shareholders registered at the date of its general meeting March 20 of 3 shares for every 100 fully paid up shares from its retained earnings.

Al Baraka's shareholders also approved the increase of its issued and paid-up capital to about $1.24 billion from about $1.21 billion by transferring about $36 million to the share capital and the bonus share issue.

Al Baraka reported total operating income for 2017 of $999 million, while net income stood at $207 million. Total group assets came in at $25.5 billion as of 2017-end.