MANAMA: Mahmood Rafique, Editor: Riding on the success as being the leader in the banking and financial sector, overwhelming majority of 88.47 per cent of shareholders of the Bahrain and Kuwait Bank (BBK), has approved the payment of the cash dividend of over BD63 million for the year ending on December 31st, 2024.
The shareholders during the Annual General Meeting (AGM) at held at Four Seasons Hotel on Tuesday, led by Tariq Al Saffar, Chairperson of BBK Group, saw the approval of key agenda items related to the bank’s performance for the fiscal year ended December 31, 2024.
“In 2024, BBK maintained its steady growth trajectory, achieving strong profitability while continuing its solid track record of delivering sustainable returns to shareholders. We are proud of the bank’s outstanding performance over the past year. Through our team’s dedication and well-crafted strategies, we have achieved strong financial results, reinforcing our market position. This reaffirms our commitment to enhancing shareholder value and driving the bank’s sustainable growth,” Tariq Al Saffar, Chairperson of BBK Group, told the participants.
Al Saffar further emphasized that the bank’s new strategic direction builds upon its robust local performance while expanding its global presence to ensure long-term sustainability. “The financial allocations approved today reflect BBK’s strong financial position and the Board’s confidence in its future. Moreover, our commitment to corporate social responsibility underscores our dedication to supporting the community and contributing to Bahrain’s economic and social development.”
Yaser Alsharifi, BBK Group Chief Executive, while highlighting the bank’s strong financial position and notable achievements in 2024, reaffirmed the bank’s leadership in Bahrain’s financial sector. “We have made significant strategic progress, including expanding our market share, enhancing operational efficiency, and further investing in digital transformation and innovation to improve the customer experience.”
“Our continuous efforts to uphold transparency and corporate governance reflect our commitment to the highest standards of corporate responsibility. Looking ahead to 2025, we are confident in executing our strategic plans to drive sustainable growth, enhance shareholder value, and introduce innovative financial solutions to optimize operational efficiency and elevate customer experience. We will also continue expanding our core business by increasing market share across various segments while delivering innovative digital banking solutions.”
The shareholders also approved the minutes of the previous Ordinary General Meeting, held on March 27, 2024, and reviewed and endorsed the Board of Directors’ report on the bank’s operations for 2024. The Group Chief Executive Officer delivered a brief presentation highlighting BBK’s key achievements and business milestones throughout the year.
The Board of Directors also reviewed the external auditors’ report and discussed the bank’s financial statements for 2024, which were subsequently approved by the shareholders. The General Assembly approved the Board’s recommendation to distribute a cash dividend of 35 per cent of the nominal value per share, equivalent to 35 fils per share, totaling BD 63.12 million. This includes an interim dividend of 12.5per cent, amounting to BD 22.62 million.
The shareholders approved the allocation of BD 4.82 million to the statutory reserve, BD 2.2 million for corporate social responsibility initiatives related to the bank and its subsidiaries, and BD 1.76 million to retained earnings.
Other key agenda items included reporting on transactions conducted with related parties during the fiscal year ended December 31, 2024, as outlined in Note (26) of the financial statements, as well as reviewing BBK’s Corporate Governance Report for 2024 and the bank’s compliance with the Central Bank of Bahrain’s regulatory requirements.
Shareholders also approved the Board’s recommendation to allocate BD 660,000 as remuneration for the Board of Directors for 2024. They further endorsed the re-appointment of EY as external auditors for the fiscal year 2025, subject to the approval of the Central Bank of Bahrain and authorized the Board of Directors to determine their fees. Additionally, the AGM granted discharge to Board members for their actions during the fiscal year ended December 31, 2024, and discussed any other business in accordance with Article (207) of the Commercial Companies Law.
