Bank Albilad extraordinary general assembly has approved, for the first time, the board of directors' recommendation to distribute cash profits amounting to SR200 million to shareholders, SR0.50 per each share, equivalent to 5% of the share's nominal value, for the fiscal year ending in Dec. 311, 2014. Dr. Abdulrahman bin Ibrahim Al-Humaid, Chairman of the Board of Directors, presided over the meeting. The assembly also approved the board's recommendation on increasing the bank's capital by 25% to SR5 billion from SR4 billion. The recommendation capitalizes SR995,557,000 from the bank's retained earnings and SR4,443,000 from the statutory reserve, offering 1 free share for each 4 shares, therefore raising the number of shares from 400 million shares to 500 million shares. The assembly also approved the remuneration and compensation paid to the members of the board of directors in return of their membership and management as contained in the report of the board of directors for the period from 1 January 2014 to 31 December 2014. The distribution of the profits to shareholders will start on April 30, 2015. A-Humaid noted that the goal of capital increase is to enhance the bank's financial solvency and retention of resources in operational activities. — SG
