Arab Bank shareholders approve 24.5% in cash, bonus dividends

AMMAN — The Arab Bank’s general assembly on Thursday approved the recommendation of its board of directors to distribute 24.5 per cent dividends to shareholders, 12 per cent of which in cash and two free shares for each 16 shares.

The extraordinary general assembly approved increasing the bank’s capital to JD640.8 million from JD569.6 million, providing the decision is approved by relevant public institutions.

Nimeh Sabbagh, the chief executive officer of the bank, said the group achieved net profit of $577.2 million in 2014, 15 per cent higher than the 2013’s $501.9 million.

Despite the decline in some foreign currency exchange rates, client deposits reached $35 billion in 2014 compared with $34.4 billion by the end of 2013, marking a 2 per cent growth, Sabbagh added.

Sabih Masri, the chairman of Arab Bank, said that despite regional challenges, the bank continued its “strong performance” with many achievements. At the top of these achievements is the increase of net profit by 15 per cent, which reflects the confidence of clients from different countries and sectors.

Regarding the lawsuit against the bank in New York, he reaffirmed the bank’s strong position during the appeal phase expected to start before the end of 2015.