Economy News – Follow-up
The Ordinary General Assembly of Faisal Al-Masry Bank has ratified a 5% increase in the issued and paid-up capital, raising it to 637.8 million shares. This capital enhancement will be funded through retained earnings, entitling shareholders to receive 0.05 free shares for each original share held.
Additionally, the assembly sanctioned the distribution of cash dividends for the preceding year. Shareholders will receive 6 cents for each share subscribed in US dollars, and 3.05 pounds for each share subscribed in Egyptian pounds.
Significantly, the bank reported a remarkable 181% increase in profits during the last fiscal year, amounting to 12.4 billion pounds after accounting for minority rights. This substantial growth reflects the bank’s robust financial performance and effective management strategies.
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