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The shareholders of Dubai’s Mashreq have approved a recommendation to distribute a cash dividend worth 1.8 billion UAE Dirhams ($490 million) for the financial year ended December 31, 2022
The lender is expected to pay 9 UAE Dirhams per share, representing 90% of Mashreq’s paid-up capital, according to a disclosure on the Dubai Financial Market (DFM) on Thursday.
Mashreq’s shareholders voted for the dividend proposal during their annual general assembly on Wednesday.
The bank, majority-owned by the UAE’s Al Ghurair family, reported a net profit of 3.7 billion UAE Dirhams for the full year of 2022, up by 270% from the previous year.
Net profit for the fourth quarter of 2022 stood at 1.13 billion UAE Dirhams, nearly doubling the 737 million UAE Dirhams recorded a year earlier.
(Reporting by Cleofe Maceda; editing by Daniel Luiz )
