FGB Annual General Meeting
First Gulf Bank (FGB), one of the leading banks in the UAE, successfully concluded its Annual General Meeting today at the St. Regis, Corniche, Abu Dhabi.
The AGM approved a cash dividend of 100% of the capital and 30% bonus shares for the financial year ending 31 December 2013. Owners of FGB shares registered on Sunday 09/03/2014 (buyers on 05/03/2014) are eligible to cash dividends and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2013.
Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: “Following our outstanding financial performance for 2013, we are pleased to announce the distribution of 30% bonus shares and cash dividend of 100%, which represents 63% of full year Net Profit. This is equivalent to a cash dividend payment of AED 3.0 billion, which represents a 20% increase over the AED 2.5 billion distributed in 2012. At the same time, we continue to maintain a high Capital Adequacy ratio and FGB shares generated a 5-year total return to shareholders of 545% for the period.”
He added: “FGB continues to prioritise shareholders’ returns in its operations, as our shareholders have played a key part in our business success by supporting us year after year. We foresee ongoing high returns moving forward, as we continue to diversify our sources of revenues by introducing new products and services and as we expand our geographic presence locally and overseas.”
André Sayegh, Chief Executive Officer of FGB, said: “2013 was a very positive year for FGB. It is a result of our solid and dynamic business model which is built on delivering a sustainable performance. Not only did we achieve outstanding profits, but we also continued to expand our operations by diversifying our sources of revenues with complementing businesses. Our acquisition of Dubai First and Aseel Finance is a clear testament to our commitment to expand our operations across new sectors, which complement our existing businesses and create more synergy. In addition, we are also growing our international presence through new rep offices and branches to better meet our clients’ needs. ”
The AGM also discussed and approved all the topics of the agenda, which included:
The report of the external auditors for the financial year ending 31/12/2013.
The bank balance sheet and profit and loss statement for the financial year ending 31/12/2013.
Discharge of the Board Members for their actions during 2013.
Discharge of the external auditors for their actions during 2013.
Appointment of auditors for the financial year 2014 and determining their fees.