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Bourse Weekly (Journal of Stock Exchange): Middle East Bank reported an accumulated income of IRR 1978 billion for the year 1395 (March 21, 2016- March 20, 2017). The Bank is soon holding its Annual General Meeting to approve 1395 financial statements.
The audited financial statements also indicate 6424 billion Rials of proceeds coming from interest and late payment penalties on extended facilities, showing an eight percent growth year on year.
It is worth mentioning that earning per share for the year 1395 amounted to 502 Rials which, comparing 342 Rials the year before, shows a 48% increase in EPS.
Meanwhile, the income from investments and deposits made by the Bank in the financial year of 1395, elevated by 97 percent over the previous year, reaching 1565 billion Rials.
The Annual General Meeting is held on Saturday, July 22, at 11 A.M.
At:
Floor 10, Iran Chamber of Commerce, Industry, Mines and Agriculture,
No 175, Taleghani Avenue, on the Corner of Shahid Mousavi (Forsat) Street, Tehran,
The agenda of AGM will cover: presentation of management and legal inspector reports, adoption of financial statements of the year ending 30 Esfand 1395 (20 March 2017), election of auditor and legal inspector, Determining of Mass – Circulation Newspaper, determining of remuneration of non-executive directors and determining remuneration of board of directors.
The Bank is also planning a capital increase and, based on the notice submitted to the Securities and Exchange Organization
The board of directors has released the Capital Increase Justification Report, on necessity to increase capital from 5 billion to 8 billion Rials, on July 2, 2017. The report says that the new capital is funded through retained/accumulated earnings and shareholders’ cash contribution.