The Egyptian real estate firm decided to distribute bonus shares for 2016
retained profits and part of the profits for 2017, the company highlighted in a separate filling to the EGX.
The capital top-up was funded from the statuary reserves and the
retained profits, according to the bank's financial statements in June 30, 2016.
Retained profits and net profit for the year shall be carried forward.
5 for each share, and the bonus share issue, together with the transfer of the necessary amounts from the
retained profits to the legal reserve for this reserve to become 100 per cent of the capital (excluding issue fees).
assets and total equity in the ratio to
retained profits for the period under review.
The AGM approved the transfer of BD304,641, the equivalent to 10pc of net profits, to the statutory reserve, and the allocation of BD2,741,764 to
retained profits.
He said that Bahraini banks in particular and Gulf and Arab banks in general have better financial solvency than European and western banks as Arab and Gulf banks determine financial solvency on the basis of shareholders rights and
retained profits unlike western banks which determine financial solvency on the basis of other elements that have been superseded by Basil III.
The moves comes following the Chinese authorities' requirement that banks boost their Tier-one capital-adequacy ratio, a measure that compares equity capital and
retained profits with risk-weighted assets to be at least 11.
Also, the meeting approved that the
retained profits, the share premium reserve and the profit for the year, corresponding to a total of SEK514,047,450.
The society's balance sheet is 100% funded by retail savings and
retained profits meaning it has no reliance on the wholesale money markets to fund either asset growth or mortgage lending.
The
retained profits will add to the PS550million raised to boost its balance sheet last year after creating a new type of special share.
The
retained profits will add to the PS550m raised to boost its balance sheet last year after creating a new type of special share.
