NBAD approves distribution of 40 per cent cash dividends and 10 per cent bonus shares

The National Bank of Abu Dhabi's (NBAD) shareholders approved the distribution of cash dividend of 40 per cent and stock dividend of 10per cent for the financial year ended 31 December 2013 at the annual general meeting (AGM), held yesterday in Abu Dhabi. Shareholders registered in the Bank's share book on 23 March 2014 shall be eligible to receive the dividends approved by the annual general meeting. The AGM, convened under the chairmanship of Nasser Ahmed Alsowaidi, the Chairman of NBAD, reviewed and approved the directors' report, auditor's report and the financial statements for the year ending 31 December 2013. NBAD's shareholders ratified the appointment of Dr. Al Taher Musabah Al Kindi Al Marar as a Board Member representing Abu Dhabi Investment Council as a successor of Late Dr. Jauan Salem Al Dhaheri. The board of directors has selected Dr. Al Taher as Deputy Chairman of NBAD. Addressing the Bank's shareholders, Alsowaidi said: "NBAD performed well in 2013 despite challenging 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 staff, our single most valuable asset". "NBAD's net profits grew 9.3per cent to Dh 4.7 billion for the full year 2013. The Bank continued to grow its balance sheet and build upon its strong capital and liquidity positions". "In 2013, NBAD was once again ranked as one of the "World's 50 Safest Banks" and the safest bank in the Middle East by Global Finance. Following the upgrade of NBAD's long- and short-term counterparty credit ratings by Standard '&' Poor's to AA- from A+, the Bank was ranked the Safest Bank in Emerging Markets. The Bank was also awarded the "Sheikh Khalifa Excellence Award - Diamond Category 2013," he added. "We have laid out a robust, 5-year growth strategy which will enable NBAD to grow its presence in the UAE whilst also expanding internationally. The Bank will focus on growth driven by trade and investment flows across the geographic area spanning from West Africa to East Asia," Alsowaidi said. – Emirates News Agency, WAM