NBAD approves distribution of
30% cash dividends and 20% bonus shares
Abu Dhabi ( March 13th, 2011)- The National Bank of Abu Dhabi's (NBAD) annual
general meeting (AGM), held today at the Emirates Palace in Abu Dhabi, approved the
distribution of 30% cash dividends and 20% bonus shares to shareholders listed in the
share register held with Abu Dhabi Securities Exchange (ADX) as at 23rd March 2011.
The meeting, convened under the chairmanship of Mr. Nasser Ahmed Khalifa Alsowaidi,
Chairman of the NBAD Board, reviewed and approved the directors’ report, auditor’s
report and the financial statements for the year ending 31 December 2010.
Addressing NBAD’s shareholders Mr. Nasser Ahmed Khalifa Alsowaidi said: “Global
economic activity continued to recover in 2010 supported by accommodative monetary
and fiscal policy around the world. Economic activity in the United Arab Emirates
rebounded modestly reflecting global trends. NBAD continues to perform strongly in
challenging local and international operating conditions. The Group’s business model has
been the underlying strength to its sturdy and consistent performance.”
The Chairman shared the aspirations of the Bank for 2020 with the shareholders.
NBAD’s vision is to be recognised as the World’s Best Arab Bank and in line with that
objective it has outlined its broad strategy to achieve a target of AED 16 billion in net
profits by 2020. The Bank shall continue to invest into the key elements of its business –
talent, information technology, brand & network, capital and funding and focusing on
customer satisfaction. The Bank’s strategy is aligned with the Abu Dhabi Vision 2030
and the growth of the country.
“2010 was not the easiest year for banking and we have continued to make substantial
provisions for non-performing loans. Notwithstanding this, the robustness of our business
model has been demonstrated in a 22% increase in net profits, which, for the first time in
the history of NBAD, reached the equivalent of US$ 1 billion,” says Michael H. Tomalin,
the Group Chief Executive of NBAD.
- Ends-
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