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28 March 2024

FGB AGM approves 100% dividend

Published
By Wam

Shareholders of the Abu Dhabi-based First Gulf Bank (FGB) yesterday approved a cash dividend of 100 per cent of capital, as well as distribution of 100 per cent bonus shares at the bank’s Annual General Meeting in Abu Dhabi.

The dividend amounts to Dh1 per share and its shares were trading at Dh20.15 apiece yesterday.

“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 per cent of capital and bonus shares of 100 per cent, 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,” said Abdulhamid Saeed, Managing Director, FGB.

This dividend and bonus share announcement follows an 8.3 per cent year-on-year increase in the bank’s net profits for 2011, to Dh3.71 billion ($1.01bn).

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

“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,” said  André Sayegh, FGB’s CEO.

“We are now one of the largest equity based banks in the UAE, recording a net profit of Dh3.71 billion during the year 2011, which translated into an EPS of Dh2.37. 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 approved the financial statements for the year ending December 31, 2011.