Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) on Sunday said its shareholders will convene in a general meeting to discuss the board’s recommendation of a 30% cash dividend for 2016.

The dividends of 30 fils per share will total around AED 504 million, according to statistics by Mubasher.

Shareholders will also discuss giving an approval to raising the medium-term bond ceiling from $1 billion to $1.5 billion for bonds that can be issued by the bank, according to bourse filing.

For 2016, the Abu Dhabi-listed bank reported AED 663 million in profits, down 49% from AED 1.405 billion recorded in 2015. Meanwhile, profits for the fourth quarter alone stood at AED 108.8 million ($29.6 million), down 65.4% from AED 315 million (85.7 million) in Q4-15.