Palestine Monetary Authority (PMA) agreed to the request by Bank of Palestine’s Board of Directors to distribute dividends on shareholders, in the value of 34,200,000, representing 21.375% of the Bank’s paid capital. PMA also approved the Bank’s financial statements for 2014.
During a meeting held on Tuesday 17/03/2015, Bank of Palestine’s Board of Directors made a recommendation to distribute dividends on shareholders, in the value of $34.2, divided as follows: the Bank will capitalize 15,000,000 as free shares, representing 9.375% of the capital to increase the Bank’s paid capital to $175 million; the Bank will also distribute cash dividends to the shareholders, in the value of $19,200,000 (in cash), representing 12% of the paid capital.
The proposed dividends to be distributed for 2014 are the largest, in terms of value, since the establishment of the Bank; the total dividends distributed by the Bank to shareholders during the past five years after approving 2014 dividends from the General Assembly is $125,750,000, divided as cash dividends in the value of $50,750,000 and free shares in the value of $75,000,000; noting that the value of the Bank’s share is one dollar.
It is worth noting that in 2014, the Bank achieved net profit in the value of $40,222,506, after taxes’ deduction, in comparison with $40,438,831 achieved in 2013; the Bank’s assets increased to reach the value of $2.42 billion by the end of 2014, in comparison with $2.34 billion in the end of 2014. In addition, the total income increased by %6.73 to reach $120 million, in comparison with $113 million achieved by the Bank in 2013.
Bank of Palestine’s Board of Directors called for the Ordinary General Assembly to hold a meeting on Friday 24/04/2015, about a group of items related to reviewing the financial and administrative reports and approve the recommendation of distributing the dividends and other requirements.