NBAD okays distribution of 35% cash dividends
The National Bank of Abu Dhabi's (NBAD) annual general meeting (AGM) approved the distribution of cash dividend of 35% and stock dividend of 10% for the financial year ended 31 December 2012. The meeting, convened under the chairmanship of His Excellency Nasser Ahmed Khalifa Alsowaidi, the Chairman of the NBAD Board of Directors, reviewed and approved the Directors' report, auditor's report and the financial statements for the year ending 31 December 2012. Addressing the Bank's shareholders, Mr. Alsowaidi said NBAD performed well in 2012 despite challenging economic 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 Bank's staff, our single most valuable asset. NBAD's net profits grew 17% to AED 4.3 billion for the full year 2012.