First Gulf Bank’s Annual General Meeting approves 100% cash dividend and 100% bonus shares

Press release

Published March 1st, 2012 - 05:43 GMT

Abdulhamid Mohammed Saeed, MD and Board Member, First Gulf Bank

First Gulf Bank, leading financial partner of choice, successfully concluded its Annual General Meeting today (February 29, 2012) in Abu Dhabi.

The AGM approved a cash dividend of 100 per cent of capital, as well as distribution of 100 per cent bonus shares. Buyers of FGB shares by the 7th of March 2012 are eligible to cash dividends and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2011.

Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: “In line with our commitment in providing our shareholders with optimum value, FGB continues to offer high returns, where our board recommended a dividend of 100% of capital and bonus shares of 100%, on the back of our outstanding results, which were approved by the AGM. Today’s meeting clearly reflects the high level of trust and support we enjoy in the market in achieving our goals.”

He added: “2011 was a highly successful year for our bank, where our profits exceeded the USD 1 billion mark. Our exceptional performance was spread across our different businesses, and FGB was recognized among prominent organizations in the region.”

André Sayegh, Chief Executive Officer, FGB, said: “During this past year, we continued to focus on strengthening our core businesses and investing in developing diversified banking activities, thus positioning the bank at the top end of the banking sector for the medium and long term. FGB’s shareholder equity by end of 2011 was 26, 7 billion, 11% higher than the previous year. We are now one of the largest equity based banks in the UAE, recording a net profit of AED 3,707 million during the year 2011, which translated into an EPS of AED 2, 37. This success in 2011 reaffirms a consistent and positive growth in all financial indicators, profits, revenues, capital adequacy, liquidity and the strength of our core banking operations’ reflecting a very solid balance sheet.”

The AGM also discussed and approved all the topics of the agenda.