Abu Dhabi: The National Bank of Abu Dhabi’s (NBAD) shareholders approved the distribution of cash dividend of 40 per cent and stock dividend of 10 per cent for the financial year ended December 31, 2013 at the annual general meeting (AGM), held in Abu Dhabi on Tuesday.
Shareholders registered in the Bank’s share book on March 23, 2014 shall be eligible to receive the dividends approved by the annual general meeting.
The AGM, convened under the chairmanship of Nasser Ahmad Al Suwaidi, the Chairman of NBAD, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending December 31, 2013.
NBAD’s shareholders ratified the appointment of Al Taher Musabah Al Kindi Al Marar as a Board Member representing Abu Dhabi Investment Council as a successor of Late Jauan Salem Al Dhaheri. The board of directors has selected Al Taher as Deputy Chairman of NBAD.
Addressing the Bank’s shareholders, Al Suwaidi 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.”
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.”
NBAD’s net profit grew 9.3 per cent to Dh4.7 billion for the full year 2013.
