NBAD approves distribution of 40% cash dividends and 10% bonus shares

The National Bank of Abu Dhabi's (NBAD) shareholders approved distribution of a cash dividend of 40% and a stock dividend of 10% for the financial year ended 31 December 2014. They also voted in favour of issuance of a Tier 1 perpetual bond programme at a maximum amount of USD 2 billion at the annual ordinary general meeting (AGM) and the extraordinary general meeting (EGM) held today in Abu Dhabi.

Shareholders registered in the Bank’s share book on March 22nd, 2015 shall be eligible to receive the dividends approved by the annual general meeting.

The AGM, convened under the chairmanship of H.E. 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 2014.

NBAD’s ordinary annual general meeting elected five members for the Board of Directors including two independent directors.

1. Sheikh Mohammed Bin Saif Bin Mohammed Al Nahyan
2. Sheikh Ahmed Mohammed Sultan Al Dhaheri
3. H.E. Sultan Bin Rashed Al Dhaheri

The two new independent directors elected at the AGM are

1. Matar Hamdan Al Ameri
2. David Beau

Addressing the Bank's shareholders, Alsowaidi said: “In a year characterised by significant global economic challenges, NBAD delivered strong revenue and earnings growth whilst maintaining a solid balance sheet and strong capital position, and the Bank continued to execute against its ambitious 5-year growth strategy”.

“We are proud of our disciplined approach to balance sheet management and our strong capital position. The Bank now ranks 25th, up from 35th, among the “World’s 50 Safest Banks” as ranked by Global Finance magazine. Furthermore, NBAD continues to be highly rated by all three major credit rating agencies, with long-term debt ratings of AA- by Standard & Poor’s (S&P), Aa3 by Moody’s and AA- by Fitch,” the Chairman of NBAD said.

The Extraordinary General Meeting, convened after the AGM, approved the issuance of a Tier 1 perpetual bond programme at a maximum amount of USD 2 Billion.

“NBAD is well-capitalised with a capital adequacy ratio of 16.4% and a Tier-I ratio of 15.0%, and we are not planning to issue any capital-boosting bonds. We think it is good governance to have backstops in play in the event that we might need to access capital markets at some point in the future,” said Alex Thursby, Group Chief Executive Officer of NBAD.

“NBAD is well positioned to continue our successful growth trajectory by focusing on our mission to be “core to our chosen customers” and capitalising on our balance sheet strength and geographic positioning,” Mr. Thursby said.

“2014 has been a transformational year for NBAD, and I am proud of the progress we have made toward becoming a client-focused bank. We have continued to strengthen our position in the UAE by enhancing our client service, product offerings and capabilities across all of our businesses,” he added.

Contact Us

Visit a Branch

Talk to our experts about your banking needs

Phone Us

Lines Open 24/7

UAE Helpline

600 52 5500

International Helpline

+971 2 6811511

Email Us

We'll answer your query as soon as possible