By: Amr Adel

Dubai – Mubasher: The ordinary general meeting (OGM) for Mashreq Bank has decided, in its meeting held today, Sunday, February 22, 2015, on a bonus share issuance representing five percent of capital added to a cash dividend of 40% or AED 4 per share.

The Board of Directors had made a recommendation for a 40% dividend, representing AED 4 per share, and totaling AED 676.3 million.

The bank had reported a 33% surge in its annual financials, which reached AED 2.40 billion against AED 1.81 billion by the end of 2013. Moreover, Q4-14 profits rose by 28% to AED 644 million compared to AED 505 million during the same period a year earlier. The bank reported a quarter-on-quarter profit growth by eight percent.

Worth noting, the bank’s OGM had approved a 40% cash dividend to shareholders in March 2014 for the year ended December 31, 2013.

Mashreq Bank’s capital amounts to AED 1.69 billion divided on 169 million shares at par value AED 10 per share.

Translated by: Nada Adel Sobhi