CBI grants bonus shares and dividend

Ras Al Khaimah: The annual general meeting of the Commercial Bank International (CBI) approved on Sunday evening 15 per cent bonus shares and a 5 per cent cash dividend for shareholders.

Hamad Al Mutawa, the bank's chairman of board said yesterday the shareholders registered on March 25 are entitled to the bonus shares and the cash dividend.

The extraordinary meeting, meanwhile, approved the bank's capital increase by 15 per cent to match up with the bonus shares.

Al Mutawa said the extraordinary meeting also amended Article 22 of the bank's basic law allowing the bank's management to provide customers with loans to be settled in more than three years.

The net profit for the year 2007 rose to Dh320.6 million compared to the profit of Dh8.7 million in December 31, 2006

All-round growth

"The year 2007 has been a year of all-round achievements; we have recorded a remarkable growth in all our core business sectors and the financial results and ratios are one of the best compared with the competitors in the industry," said Al Mutawa.

Al Mutawa added that the total assets of the bank increased to Dh1.11 million from Dh7.3 million in the previous year, representing a growth of 51 per cent.