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Gulf Commercial Bank declares 10pc dividend

KARACHI: The sixth Annual General Meeting of Gulf Commercial Bank Limited was held on Thursday at Beach Luxury Hotel, Karachi. The meeting, attended by a large number of shareholders, was presided over by Saeed Ahmad Qureshi, Director in the absence of Qais-bin-Mohamed Al Yousef, Chairman of the board.

Badr-ud-Din Khan, President/CEO, highlighted the bank's operating performance, which reflected a prudent and strategic growth policy to strengthen its earning capability and achieve a better risk profile.

Shareholders expressed keen interest in the affairs of the bank and appreciated the quality of management performance in achieving the 1999 results. The Gulf Talimi Plan was largely acknowledged as a product with a social dimension, to assist students in pursuing their educational career.

The meeting considered and adopted annual accounts of the bank and approved payment of cash dividend at one rupee per share (i.e. 10%) for the year ended December 31, 1999.