NBAD approves 35pc cash dividends
Abu Dhabi, March 12, 2013
The National Bank of Abu Dhabi's (NBAD) has approved the distribution of cash dividend of 35 per cent and stock dividend of 10 per cent for the financial year ended December 31, 2012.
Announcing this at the annual general meeting (AGM) held today in Abu Dhabi, NBAD board chairman Nasser Ahmed Khalifa Alsowaidi said the bank performed well in 2012 despite challenging economic conditions.
"This strong performance in uncertain times reflects the strength of the bank’s global diversified business model as well as the quality of the staff, our single most valuable asset," he stated.
Addressing the shareholders, Alsowaidi said NBAD's net profits grew 17 per cent to hit Dh4.3 billion ($1.17 billion) for the full year 2012. The bank continued to grow its balance sheet and build upon its strong capital and liquidity positions.
In 2012, NBAD was once again named as one of the “World’s 50 Safest Banks” and the safest bank in the Middle East by Global Finance, ” he added.
"The bank is well positioned to continue our growth in 2013. We will continue to expand our local presence while also moving forward with plans to open more offices internationally. We anticipate opening branches in Lebanon, South Sudan, and Brazil in 2013 as we continue to execute against our international expansion strategy," said the top official.
The extraordinary general meeting (EGM), convened after the AGM, approved the issuance of a convertible bond of up to a principal amount of $500 million and increase the size of three existing programs.
The EGM has also approved increasing the size of the bank’s existing EMTN Programme from $5 billion to $7.5 billion; Malaysian Ringgit Programme from MYR 3 billion to MYR 5 billion; and Japanese Samurai Programme from Yen 40 billion to Yen 150 billion.
Commenting on the issuance of convertible bond and increase of size of 3 existing programmes, Group CEO Michael Tomalin said, “These are limit increases which will only be used if the market conditions are right for us. They reflect the growing size of the bank"
The meeting also reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending 31 December 2012.-TradeArabia News Service
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