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Venture Capital Bank BSC (c) has announced dividends to its shareholders totaling 9.06% for 2015, comprising effectively 2.52% in cash and 6.54% in bonus shares on their existing holdings (inclusive of 0.93% from a reallocation of Employee Share Ownership Plan bonus shares together with cash dividends thereon) following regulatory approval of the resolutions of the AGM held in Bahrain on 8 December 2015.
Speaking on the occasion, Dr. Ghassan Ahmed Al Sulaiman, Chairman of the Board of Directors of VCBank said: "I am pleased to report that by the grace of God, we were able to achieve another year of consecutive profitability. We are distributing dividends of 9.06%, which we hope to be able to improve on in the coming years. I'd like to mention that this brings to 64.1% the total dividends that VCBank has paid since inception, and that our results for the year and our track record of dividends underline the strength of the Bank's strategy and performance."
"I would like to take this opportunity to thank the previous Board Members, Mr. Nedhal Al Aujan - who rendered distinguished service as Chairman of the Audit Committee from inception of the Bank in 2005, Mr. Sulaiman Al Hudaithi - who served in the Nomination & Remuneration and Audit Committees, Mr. Abdulhadi Al Shahwani - who served in the Risk Committee, and Mr. Yasir Al Jarullah - who served in the Audit and Risk Committees, for their dedication, sincerity and unfailing support to the Bank which cannot be underestimated. They generously shared their time, vast experience and business insights, and provided us with invaluable support and guidance to make possible our recovery from the setbacks of the financial crisis and strengthen the Bank's corporate governance, internal controls and risk framework. I would also like to welcome our new Board Members, Mr. Adwan Al Adwani, Dr. Mohammed Jumaan, Mr. Sulaiman Al Rashid, and Mr. Mohammed Al Athel, who with their wealth of knowledge and expertise will undoubtedly add value to VCBank", added Dr. Ghassan.
Board Member and Chief Executive Officer, Mr. Abdullatif Mohamed Janahi commented: "The approval of the General Assembly on the distribution of 9.06% dividends to the Bank's shareholders is a reflection of the Board and executive management's commitment to the continuity of the bank's strategy of distributing cash and bonus shares, which has been followed since the establishment of the Bank. The Bank's ability to distribute dividends is also tangible evidence of its financial health and the efficiency of the Bank's performance and capital adequacy in light of the prevailing challenging economic conditions".
"VCBank has developed a successful track record for superior deal flow and strong placement capability, which are critical success factors for an investment bank. During FY 2015, the Bank successfully concluded three new transactions which have further strengthened and diversified our investment portfolio, and reinforced our market reputation for offering our investors innovative and attractive investment opportunities. At the same time, we made significant progress and enhancements with several of our key existing investments. The Bank is actively working on exiting its legacy assets wherever possible to unlock value and we expect to conclude three significant exits in the coming year. In this regard it is worth mentioning that the Board of Directors has constituted an Exit Committee of the Board to specifically oversee and drive this important and vital strategic direction. Side by side, the Bank is also working on a strong pipeline of potential deals, which together with targeted exits gives promise of positive results for the years ahead.
"Our performance confirms that VCBank is continuing its positive momentum towards achieving sustainable profitability and strong business growth. The Bank has an investor base that has been and remains immensely supportive, and these results wouldn't have been possible without their trust and continued support. We are confident that we will be able to continue to build on this excellent performance into the future by continuing to adapt and capitalize on changes and opportunities in the market with the guidance and support of the Board of Directors and the Central Bank of Bahrain", concluded Mr. Janahi.