First Gulf Bank (FGB), the major leading UAE financial institution, successfully concluded its Annual General Meeting today at Etihad Towers, Abu Dhabi.
The AGM approved a cash dividend of 83% of the capital. Owners of FGB shares registered on Sunday 10/03/2013 are eligible to cash dividends. The AGM also approved the financial statements for the year ending December 31, 2012.
Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: “Following our 2012 outstanding financial performance, we are pleased to announce the cash dividend of 83%, far exceeding the rates announced by our competitors and setting FGB’s dividends as the highest amongst UAE banks. This is equivalent to a cash dividend payment of AED 2.5 billion and that represents a 67% increase year on year.”
He added: “2012 was a highly successful year for our bank, in which net profits exceeded AED 4 billion positioning First Gulf Bank among the best performers of the Middle East region. Furthermore, revenues for the fourth quarter at AED 2,006 million, were the strongest quarterly revenue numbers ever recorded by the bank.”
André Sayegh, Chief Executive Officer of FGB, said: “FGB’s Shareholders’ equity by the end of 2012 and before cash dividend distribution stood at AED 29.9 billion and the Earnings per share for the full year 2012 of AED 1.33 were 16% higher than 2011. Our balance sheet liquidity and capitalisation were also maintained at a comfortable position, set for further future growth.”
He added: “We will continue to develop new, innovative products and services, and to look for profitable business deals and expansion opportunities as we move forward in 2013. We look towards the support of our shareholders to continue to maintain our strong financial performance quarter after quarter.”
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 31/12/2012.
The bank balance sheet and profit and loss statement for the financial year ending 31/12/2012.
Discharge of the Board Members for their actions during 2012.
Discharge of the external auditors for their actions during 2012.
Appointment of auditors for the financial year 2013 and determining their fees.