SAIB Distributes US$12.375 Mln To Shareholders

Société Arabe Internationale de Banque’s (SAIB) Ordinary General Assembly approved to distribute US$ 12.375 million to shareholders, or US$ 0.825 per share for the year ended on December 31st, 2012. The company distributed US$ 9.75 million to shareholders at the end of 2011.

The General Assembly ratified the budget and financial statements for the last year that revealed that the bank achieved profit of US$ 28.152 million in 2012, compared to US$ 20.866 million in 2011, registering an increase of US$ 7.286 million (34.9%).

SAIB approved a commutative contract of a loan with Arab International Bank. It also agreed to sell the bank’s real estate assets which became owned by the bank under debt settlements. The value of assets after deducting impairment reached US$ 282,000 at the end of 2012, compared to US$ 295,400 at the end of 2011.