NBAD offers 35% cash dividend

The National Bank of Abu Dhabi's (NBAD) annual general meeting (AGM), held on Tuesday in Abu Dhabi, approved the distribution of cash dividend of 35 per cent and stock dividend of 10 per cent for the financial year ended 31 December 2012.

The meeting, convened under the chairmanship of Nasser Ahmed Khalifa Alsowaidi, Chairman of NBAD Board, reviewed and approved the directors' report, auditor's report and the financial statements for the year ending December 31, 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 per cent to Dh4.3 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 $500 million and increase the size of three existing programs.

The EGM has approved increasing the size of the Bank's existing EMTN Programme from $5bn to $7.5bn; Malaysian Ringgit Programme from MYR 3bn to MYR 5bn; and Japanese Samurai Programme from Yen 40 bn to Yen 150 bn.

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