International Investment Bank posts $21.1m net profit and distributes 15% in dividends to shareholders

The Bank earned a net profit of $21.1m representing an increase of 56% over 2006.

The AGM also approved the Directors' Report on the Bank's operations for the financial year ended 31st December 2007 reflecting a solid and substantial improvement in IIB's overall performance. This reflected the strong capital of the Bank which has increased to $110m, while total assets jumped to more than $257m during the year. These impressive results arose from the hard work of the management and staff during the year.

Approved also by the shareholders was the recommendation of the Board of Directors for the distribution of a cash dividend to shareholders of 15% of the Bank's paid up capital but pro-rata for shares purchased during the year.

The shareholders have likewise approved the report of the Shari'a Advisory Committee on IIB operations for the financial year ended 31st December 2007 and the Auditors' Report on the financial statements for the financial year ended 2007.

The Meeting praised the strong performance of the Bank in 2007 and discharged the Directors from liability for their acts during the year. The Shareholders expressed their sincere thanks and appreciation to the Board of Directors, Executive Management and staff of the Bank for these good results.

The AGM also approved the recommendation of the Board of Directors to appoint Mr. Aabed Al-Zeera, IIB CEO, as a member in the Board of Directors in addition to his current position. The new appointment of Mr. Al-Zeera recognises his outstanding performance since the incorporation of the Bank.