AMMAN: Lebanon's Blom Bank is recommending a cash dividend of 1,000 Lebanese pounds ($1) per common share for 2014, up from 750 pounds the previous year, the lender said on Saturday.
The bank kept the payout at $0.7 per share for holders of preferred shares and said the recommendations made by the board of directors were subject to the approval of shareholders at the annual general meeting.
Holders of both types of shares have to pay a 5 percent withholding tax on dividends.
Blom Bank, one of the Lebanon's top banks, reported in January a 3.57 percent increase in net profit for last year to $365 million despite what it described as a backdrop of economic slowdown and heightened political risk in Lebanon.
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