IBL Bank Redeems Preferred Series 2 Shares

According to Midclear, the board of directors of IBL Bank, who convened on 16/05/2016, decided to redeem and cancel the bank’s preferred shares series (2) through re-purchase from shareholders. The number of redeemed shares amounts to 500,000 with a total nominal value of LBP 3,750,000,000.

IBL Bank will also issue 500,000 new ordinary shares with a nominal value of LBP 7,500/share which will be freely distributed to ordinary shareholders. The number of ordinary un-listed IBL Bank shares would then amount to a total of 20 million.

The redemption and new issuance have been executed by Midclear on 21/02/2017.

IBL Bank Financials

In USD MillionSep-15Sep-16change
Net loans and advances to customers at amortized cost1,0061,0221.59%
Total Assets5,4676,51419.15%
Deposits from Customers at Amortized Cost4,8985,39810.21%
Total Shareholders’ Equity40445512.62%
Net Profit 535911.32%

 

Source: Alpha Group Dashboard Q3 2016 Report, Bank Data

 

 

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