BBK General Assembly approves 35% Cash Dividend distribution
Bahrain and Kuwait Bank (BBK) held its Annual General Meeting (AGM) on Tuesday at the Manama Hall, Four Seasons Hotel. The meeting reviewed key agenda items related to the bank's performance for the financial year ended December 31, 2024.
During the AGM, shareholders 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. Additionally, the General Assembly approved the Board's recommendation to distribute a cash dividend of 35% of the nominal value per share, equivalent to 35 fils per share, totaling BHD 63,189,173. This includes an interim dividend of 12.5%, amounting to BHD 22,614,348.
Furthermore, shareholders approved the allocation of BHD 4,814,100 to the statutory reserve, BHD 2,200,000 for corporate social responsibility initiatives related to the bank and its subsidiaries, and BHD 1,758,008 to retained earnings.
Other key agenda items included reporting on transactions conducted with related parties during the financial 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 BHD 660,000 as remuneration for the Board of Directors for 2024. They further endorsed the re-appointment of EY as external auditors for the financial 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 financial year ended December 31, 2024, and discussed any other business in accordance with Article (207) of the Commercial Companies Law.
Commenting on the AGM outcomes, Mr. Tariq Al Saffar, Chairperson of BBK Group, stated, '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.
Mr. 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.' BBK Group Chief Executive, Mr. Yaser Alsharifi, highlighted the bank's strong financial position and notable achievements in 2024, reaffirming its 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.'
He added, '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 cutting-edge digital banking solutions.'
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