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 35% bonus shares to shareholders listed in the share register held with Abu Dhabi Securities Exchange (ADX) as at 25th March 2012.
The meeting, convened under the chairmanship of Nasser Ahmed Khalifa Alsowaidi, the Chairman of the NBAD Board, reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending 31 December 2011.
Addressing NBAD’s shareholders, Alsowaidi said,: “Global economic activity slowed down in 2011 and near term prospects deteriorated against the background of fiscal problems in developed economies. Economic activity in the UAE picked up modestly expanding by about 4% year-on-year in 2011, up from 1.4% in 2010. NBAD continues to deliver a strong and sturdy performance in the face of continued political and economic uncertainties, regionally and globally. The Group’s business model and its professional management are its core strengths.” He also expressed his delight on the recognition of NBAD amongst the World’s 50 Safest Banks for the fourth time in a row and the Safest Bank in the Middle East.
The Chairman shared the Bank’s aspirations with the shareholders; NBAD’s vision is to be recognized 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 2021. 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.
“2011 has been one of the most difficult years ever in global banking. Nonetheless, NBAD has produced solid results with operating profits up 6.5% and top-line revenues up 10%. This year we have been particularly cautious regarding provisions, both for our properties which we had purchased for expansion, and our credit portfolio, taking the general provisions to performing credit risk-weighted assets to the 2014 Central Bank target of 1.5%, and adding appropriate specific provisions for non-performing loans. Despite these higher provisions, net earnings have remained steady; a good achievement in a year when many of our global peers have seen sharp falls in their income. None of this could have been achieved without the skills of our people, the support of our customers and our home base in Abu Dhabi.” says Michael H. Tomalin, the Group Chief Executive of NBAD.
NBAD’s ordinary Annual General Meeting re-elected directors for a new term: The chairman announced the re-appointment of Mr. Matar Hamdan Al Ameri and Mr. David Beau to the board as independent directors, WAM reported.
The Chairman of National Bank of Abu Dhabi (NBAD), Nasser Al Sowaidi, also announced the planned retirement of Mr Michael Tomalin, the Group Chief Executive, and his appointment to the Board of Directors.
Al Sowaidi thanked Mr. Tomalin for his leadership of the Group over the last 13 years commenting on the significant progress the NBAD Group had made. In particular Al Sowaidi noted the financial growth of the business and the diversification of its earnings.
Al Sowaidi advised shareholders the Board had commissioned a professional search for Mr. Tomalin’s successor which was likely to take a few months. Mr. Tomalin would remain Chief Executive of the National Bank of Abu Dhabi Group until his successor was firmly in place. Mr Tomalin will remain associated with the Group after his retirement as a non-executive Director.
