Ahli United Bank B.S.C today held its Annual General Meeting and the Extraordinary General Meeting at the Bank's headquarters in Seef District, Kingdom of Bahrain. The meetings were presided over by AUB’s Chairman Mr. Hamad M. Al-Humaidhi and were attended by shareholders representing 81% of Bank's shares.
AUB's AGM has approved the distribution of a cash dividend of 18% (US$ 4.5 cents per share) together with bonus shares of 5% (five shares per 100 ordinary shares) in respect of the financial year ended 31 December 2015 for shareholders registered as of 29 March 2016.
AUB's shareholders elected Mr. Abdulghani M.S.Y. Behbehani as a Shareholder Director and approved the appointment of Mr. Ahmed Ghazi Al Abduljaleel as a representative of Kuwait’s Public Institution for Social Security and Mr. Mohamed Tareq M. Sadeq as an expert director to the Board, subject to an approval by the Central Bank of Bahrain.
AUB's AGM also approved the repurchase by AUB of its own shares up to a maximum of 10 % of its issued capital in accordance with the terms and conditions set by the Central Bank of Bahrain.
In their EGM, AUB's shareholders voted to extend for a further two years their authorization for the Board of Directors to decide on the timing, pricing and terms of the issuance of up to US$ 4 billion in bonds, loans or any other similar subordinated financial instruments deemed required to support the growth plans of the Bank.
Addressing the shareholders, Mr. Al-Humaidhi said: 'Despite the global uncertainties and continuing challenges faced in its operating markets, AUB reported another robust performance in 2015, by achieving an 11.3% growth in net profit to US$ 537.2 million, on the back of strong operating income totaling US$ 1,091.9 million, thereby validating the resilience and viability of its core business model based on product and market diversification'.
'Our resilient performance during 2015 was only made possible thanks to the continued trust and confidence of our shareholders, the strong support of our customers and business partners, the dedication and professionalism of our staff as well as the constructive guidance of the regulators in our operating markets'.
'On behalf of the Board, I welcome and congratulate the incoming directors and look forward to closely working with them. I also join fellow members of the Board in paying tribute to our esteemed colleague, the late Mr. Mohammed Saleh Bebehani who passed away in January 2016. He not only brought extensive insights, experience and wisdom to the working of AUB over the years since its inception but also left his mark as an accomplished businessman, a distinguished citizen and a pioneer in Kuwait and the Gulf at large'.
Mr Al-Humaidhi concluded:' 2016, as all years, brings its challenges which appear to be strong and increased. Our response will continue to be hard work, focus and a commitment to client servicing and prudent asset deployment”.