Al Baraka Bank of Egypt’s ordinary general assembly approved its meeting yesterday to increase the bank’s capital to EGP 813.6 million, divided over 116.2 million shares; EGP 7 per share. After amending articles no. 6 and 7 of the bank’s statute to raise the issued capital by EGP 106.1 million from the shareholders’ profits of 2012, to be within the authorized capital limit.
The general assembly assigned the bank’s deputy chairman and CEO to take the necessary measures and decisions in coordination with the concerned bodies.
The general assembly approved the board of directors’ report about its activity and business results for the fiscal year that ended on December 31st, 2012 and the auditors’ report.
The general assembly also ratified the Sharia Supervisory Board’s report, balance sheet, income statement, Zakat Fund’s financial statements and other financial statements. It also approved to distribute bonus shares at 0.15:1 ratio.
The assembly also approved the changes made to the board of directors and determined the attendance and travel allowances for the members of the board in 2012.
The bank’s business results showed that the bank achieved net profit of EGP 135.7 million in 2012, compared to EGP 100.4 million in 2011, registering an increase of 35.2%.
