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 Million | Sep-15 | Sep-16 | change |
| Net loans and advances to customers at amortized cost | 1,006 | 1,022 | 1.59% |
| Total Assets | 5,467 | 6,514 | 19.15% |
| Deposits from Customers at Amortized Cost | 4,898 | 5,398 | 10.21% |
| Total Shareholders’ Equity | 404 | 455 | 12.62% |
| Net Profit | 53 | 59 | 11.32% |
Source: Alpha Group Dashboard Q3 2016 Report, Bank Data
