JEDDAH — Al Baraka Banking Group approved in its ordinary and extra-ordinary general meetings last Monday in Manama the transfer of 10 percent of the net income amounting to $15,173,115 to the statutory reserve, the distribution of $32,816,061 as cash dividend to the shareholders and amounting to three cents for each share equal to three percent of the par value of the share, the transfer of $103,741,971 to the retained earnings, approval of the proposed distribution of one bonus share for every 50 fully paid up shares to the shareholders amounting to $21,877,374 and equal to two percent of the issued and paid up capital from the retained earnings subject to the obtaining of the required official approvals. The Group's financial results for year 2014 showed a net profit of $275 million, reflecting an increase of seven percent over the profit of 2013. Similarly, balance sheet items witnessed notable increases. Total assets increased by 12 percent, total finance and investments by 15 percent, deposits - including unrestricted investment accounts by 12 percent and total equity by five percent as at the end of December 2014 in comparison with the end of December 2013. The Group's results in year 2014 reflect the ability of the Group in maintaining its consistent financial performance over the past years, even during the global economic crisis that crippled many financial institutions. The meeting also approved a remuneration of $1.5 million to the members of the Board of Directors. The meeting also approved the increase of the issued and paid up share capital from $1,093,868,695 to $1,115,746,069 by transferring $21,877,374 to the share capital and the issue of bonus shares of one share for every 50 fully paid up shares to the shareholders registered as of the date of this meeting. Commenting on the results for 2014, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, said: "We consider the outstanding results achieved during year 2014 as a clear embodiment of the success of the business model that we have followed since the inception of the Group, and insightful business strategies coupled to the excellent managerial and technical expertise available to the Group which enabled it to translate these plans and strategies into achievements. These strategies not only enabled us to deal in a prudent manner with the repercussions of the global economic and financial crisis and the fluctuated political and economic regional conditions, but also to further expand our business, markets and branches as well as enhance our human and technical capabilities.” Abdulla Al Saudi, Deputy Chairman of Al Baraka Banking Group, said "the economic and financial developments witnessed during the year 2014, especially during the latter part of the year, which saw sharp decline in oil prices, further compounded the adverse conditions. Because of this crisis, financial institutions all over the world were forced to adopt conservative and cautious business strategies. In view of this, the financial and operating results achieved by the Group in 2014 can be viewed as excellent by all standards. These results reflect the success of the business strategies that we at the Board of Directors of the Group have put in place, based on the points of strength that we possess and the opportunities generated in the markets in which we operate." Adnan Ahmed Yousif, member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group, said "the cash dividends and bonus shares distributed to the shareholders reflect the outstanding results that we achieved in 2014. These results were the outcome of a number of initiatives that we had launched during the past year, including continuously improving the quality of our products and services, introducing more innovative products, expanding the branch network of Al Baraka subsidiary units which has now reached approximately 550 branches in fifteen countries, strengthening relationships with our partners, investors and customers, and entering new markets as well as modernizing and developing our human, operational, regulatory and technical infrastructures at both the Group and the subsidiary banking unit levels. All of these initiatives have contributed to maximizing the returns to the shareholders and stakeholders of the Group, thanks to the wide range of expertise that the Group possesses in the markets in which its units operate and to its substantial financial and technical resources and the wide geographic network of the subsidiary units of the Group." — SG
