United Gulf Bank announces a 74% cash dividend for 2008
- Bahrain: Monday, March 16 - 2009 at 09:37
- PRESS RELEASE
United Gulf Bank's Board of Directors has recommended a cash dividend of 74% per share ($18.5 cents per share) for 2008, a total of $150.6m, for the approval of Bank's General Assembly.
Kipco, the major shareholder, will underwrite up to $130m for UGB in subordinated Tier II capital to add to the Bank's financial strength, if required.
Last month, UGB announced a net profit of $207.2m, or $25.31 cents per share, for the year ended 31 December 2008, a decrease of 6.2% on the $220.9m profit, or $27.3 cents per share, for 2007.
UGB's Managing Director, Mr Masaud Hayat said,
"Our dividend distribution reflects the balance we strive for between market expectations, preserving the Bank's financial health and the investment opportunities we anticipate will occur as the current financial crisis unfolds."
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