Dubai: Gulf Finance House said on Tuesday the central bank of Bahrain has rejected the general assembly’s recommendation to increase the cash dividend to 12 per cent from the earlier proposed 10 per cent.

Accordingly, the company plans to pay a cash dividend of 10 per cent to ordinary shareholders who were registered until March 1, the company said in a statement posted on Dubai Financial Market’s website. The total dividend payout will be $59 million (Dh216 million).

GFH witnessed a solid set of fourth quarter and 2016 results, with net profit jumping to $233.05 million in 2016, a near 20-fold increase.