Venture Capital Bank holds its seventh AGM and approves the distribution of 5% cash dividends
Venture Capital Bank BSC (c) held its seventh Annual General Meeting (AGM) on October 30, 2014 at the Sheraton Hotel, Bahrain, to discuss the Bank’s performance and the audited accounts for the year ended 30 June 2014 with its shareholders, who commended the board and management on the Bank's impressive financial performance during the year and approved the distribution of 5% cash dividends.
The AGM was well attended by shareholders, members of the Board of Directors and Shari’ah Board, and representatives of the auditors, the Ministry of Industry and Commerce and the Central Bank of Bahrain. During the meeting, audited financial statements for the year ended 30 June 2014 was reviewed and approved.
Speaking on the occasion, Dr. Ghassan Ahmed Al Sulaiman, Chairman of the Board of VCBank said: “I am delighted to report that by the grace of God, this year, after a gap of three years, we are distributing dividends of 5% in cash, which we hope to be able to improve in the coming years. I’d like to mention that this brings to 56% the total dividends that VCBank has paid since inception.”
“The Bank continued the rebound in its financial performance. Net profits for the year ended 30 June 2014 before board remuneration grew substantially by 84 per cent to USD 15.01 million compared to USD 8.14 million for the corresponding 12 months period (USD 21.1 million for the 18 months ended June 2013) despite continued volatility and uncertainties in the region in general and in the investment banking sector in particular. These encouraging results have been achieved despite the very challenging conditions in the region and the investment banking sector, and confirm the success of our plans and strategies that included an organizational restructuring and a refocusing on growth sectors in the region and globally. Additionally, it supports and confirms our commitment to provide shareholders and investors with acceptable rates of return”, concluded Dr. Ghassan.
Board Member and Chief Executive Officer, Mr. Abdullatif Mohamed Janahi commented: “The approval of the General Assembly on the distribution of 5% dividend to the Bank's shareholders is a reflection of the Board and executive management's commitment to the continuity of the bank's strategy of distributing cash or share dividends, which is a strategy that has been followed since the establishment of the bank. The bank's ability to distribute cash dividends is also tangible evidence of the financial health of the Bank and the outstanding efficiency of the bank's performance and capital adequacy in light of the prevailing challenging economic conditions. He also stated that our performance confirms that VCBank is continuing its positive momentum towards achieving sustainable profitability and strong business growth. The Bank has an investor base that has been and remains immensely supportive, and these results wouldn’t have been possible without their trust and continued support to VCBank. We are confident that we will be able to continue to build on this excellent performance into the future by continuing to adapt and capitalize on changes and opportunities in the market with the guidance and support of the Board of Directors and the Central Bank of Bahrain”, concluded Mr. Janahi.