At $0.12 per common share

Byblos ready to distribute 2011 dividends

Byblos Bank's ordinary General Assembly held on April 10 has approved the distribution of dividends for the year 2011.

Holders of common shares will receive LL190 ($0.126) net per share, after the deduction of a five percent withholding tax.

Holders of preferred shares Class 2008 and Class 2009 will both be paid $7.6 net per share.

Byblos Bank said in a statement that dividends will be paid on or about April 18 to shareholders who bought their shares no later than April 17, 2012, according to the records of the Central Depository, Midclear, through which dividend payments are made.

The bank said that holders of Byblos GDRs will receive LL200 per share in US dollars starting April 25 through the depositary 'The Bank of New York Mellon' after deducting the five percent withholding tax and other expenses.

In 2010, Byblos Bank distributed net dividends of $0.126 per common share. Byblos Bank declared net profits of $179.7 million in 2011, up by 1.2 percent from the previous year. The bank’s total assets stood at $16.6 billion at the end of 2011.

Reported by Hanadi Chami