Abu Dhabi – Mubasher: Shareholders of the Commercial Bank International (CBI) will vote in the next ordinary general meeting (OGM) on the board’s proposal to raise the bank’s capital from AED 1.7 billion to AED 2.167 billion.

The capital will be raised through issuing 430 million new shares for a price of AED 1 per share, the bank disclosed to the Abu Dhabi Securities Exchange (ADX).

During the meeting set to be held on 30 March, shareholders will also discuss the board’s recommendation to use AED 11.104 million of the general reserve balance to cover the deficit in the retained earnings account.

It is noteworthy to mention that in 2019, the bank reported a decline in net profits to AED 111.031 million from AED 223.119 million in 2018.