NBAD approves distribution of 40% cash dividends and 10% bonus shares
The National Bank of Abu Dhabi’s (NBAD) shareholders approved the distribution of cash dividend of 40% and stock dividend of 10% for the financial year ended 31 December 2013 at the annual general meeting (AGM), held in Abu Dhabi.
Shareholders registered in the Bank’s share book on 23 March 2014 shall be eligible to receive the dividends approved by the annual general meeting.
The AGM, convened under the chairmanship of His Excellency Nasser Ahmed Alsowaidi, the Chairman of NBAD, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending 31 December 2013.
NBAD’s shareholders ratified the appointment of H.E. Dr. Al Taher Musabah Al Kindi Al Marar as a Board Member representing Abu Dhabi Investment Council as a successor of H.E. Late Dr. Jauan Salem Al Dhaheri. The board of directors has selected Dr. Al Taher as Deputy Chairman of NBAD.
Addressing the Bank’s shareholders, Alsowaidi said:”NBAD performed well in 2013 despite challenging 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”.
“NBAD’s net profits grew 9.3% to AED 4.7 billion for the full year 2013. The Bank continued to grow its balance sheet and build upon its strong capital and liquidity positions.”
“In 2013, NBAD was once again ranked as one of the “World’s 50 Safest Banks” and the safest bank in the Middle East by Global Finance. Following the upgrade of NBAD’s long- and short-term counterparty credit ratings by Standard & Poor’s to ‘AA-‘ from ‘A+, the Bank was ranked the Safest Bank in Emerging Markets. The Bank was also awarded the “Sheikh Khalifa Excellence Award – Diamond Category 2013,”he added.
“We have laid out a robust, 5-year growth strategy which will enable NBAD to grow its presence in the UAE whilst also expanding internationally. The Bank will focus on growth driven by trade and investment flows across the geographic area spanning from West Africa to East Asia,” Alsowaidi said.
the Chairman of NBAD expressed gratitude for the many years of service of the late Dr. Jauan Salem Al Dhaheri as NBAD’s Deputy Chairman, who played a significant role in NBAD’s success as well as the development of the UAE economy.
H.E welcomed H.E. Dr. Al Taher Musabah Al Kindi Al Marar, the Deputy Chairman and Alex Thursby, the Group Chief Executive Officer and wished them both much success in the years to come
NBAD aims to build the largest, safest and best performing bank in the UAE and over time in the GCC, deepening its Wholesale network and further integrating our existing European and North American platforms into this network, and ultimately building a number of international bank franchises in some of the largest and fastest growing economies in the area between West Africa to East Asia.
“NBAD is extremely well positioned to continue the successful growth trajectory we have experienced in the past by focusing on our new mission to be “core to our customers” and capitalising on our balance sheet strength and geographic positioning,” said Alex Thursby, Group Chief Executive Officer of NBAD.
“We are investing in our new strategy and building the operational ‘spine’ of the Bank. Our focus is on building new drivers of non-interest income and our results are beginning to show strong improvements in underlying revenue performance and I am confident that we will continue to successfully execute against our strategy, and I am excited by the prospects for NBAD in the coming years.” Mr. Thursby said.