Cairo – Mubasher: The board of directors of Faisal Islamic Bank of Egypt recommended a cash dividend distribution of EGP 564.91 million for 2019's earnings, compared to EGP 525.7 million a year earlier.

The bank’s shareholders will receive $0.08 (EGP 1.283) per share or 8% of the share’s nominal value, according to a statement to the Egyptian Exchange (EGX) on Sunday.

In addition, the board decided to increase the bank’s issued and paid-up capital by 15% to be financed by the bank’s retained earnings and profits, subject to the approval of the coming ordinary general meeting (OGM).

It is noteworthy that for the full-year 2019, the bank’s standalone profit increased to EGP 2.71 billion, compared to EGP 2.51 billion in the prior year.