The National Bank of Abu Dhabi's (NBAD) annual general meeting (AGM), held today in Abu Dhabi, approved the distribution of cash dividend of 35% and stock dividend of 10% for the financial year ended 31 December 2012.
The meeting, convened under the chairmanship of His Excellency Nasser Ahmed KhalifaAlsowaidi, the Chairman of the NBAD Board, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending 31 December 2012.
Addressing the Bank's shareholders, Alsowaidi said,:“NBAD 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 Bank’s staff, our single most valuable asset”.
“NBAD's net profits grew 17% to AED 4.3 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,”Alsowaidi said.
The Extraordinary General Meeting (EGM), convened after the AGM, approved the issuance of a convertible bond of up to a principal amount of USD 500 Million and increasethe size of three existing programs.
The EGM has approved increasing the size of the Bank’s existing EMTN Programme from USD 5 Billion to USD 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, MichaelTomalin, Group Chief Executive of NBAD 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"