The National Bank of Abu Dhabi (NBAD) said its board has approved the distribution of 40 per cent cash dividends and 10 per cent stock dividends for 2013 to its shareholders.

Announcing this at the annual general meeting, chairman Nasser Ahmed Alsowaidi 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.”

"Shareholders registered in the Bank’s share book on 23 March 2014 shall be eligible to receive the dividends approved by the annual general meeting," he said at the AGM held today in Abu Dhabi. .

The board reviewed and approved the directors’ report, auditor’s report and the financial statements for the year ending December 31, 2013.

At the AGM, the shareholders ratified the appointment of Dr Al Taher Musabah Al Kindi Al Marar as a board member representing Abu Dhabi Investment Council as a successor of Late Dr Jauan Salem Al Dhaheri.

The board also selected Dr Al Taher as the deputy chairman of NBAD.

On the record performance, Alsowaidi said: "NBAD's net profits grew 9.3 per cent to Dh4.7 billion ($1.27 billion) in 2013. The bank continued to grow its balance sheet and build upon its strong capital and liquidity positions."

“In 2013, NBAD was once again ranked as one of the “World’s 50 Safest Banks” and the safest bank in the Middle East  by Global Finance.  Following  the upgrade of NBAD’s long- and short-term counterparty credit ratings by Standard & Poor’s  to ‘AA-’ from ‘A+, the Bank was ranked the Safest Bank in Emerging Markets.  The Bank was also awarded the “Sheikh Khalifa Excellence Award – Diamond Category 2013,” he added.

Alsowaidi said the Abu Dhabi lender had laid out a robust, five-year growth strategy which will enable the bank 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, he added.

The NBAD chairman expressed gratitude for  service of the late Dr. Jauan Salem Al Dhaheri as NBAD’s Deputy Chairman, who played a significant role in NBAD’s success as well as the development of the UAE economy.  
H.E welcomed H.E. Dr. Al Taher Musabah Al Kindi Al Marar, the  Deputy Chairman and Alex Thursby, the Group Chief Executive Officer and wished them both much success in the years to come

NBAD aims to build the largest, safest and best performing bank in the UAE and over time in the GCC, deepening its Wholesale network and further integrating our existing European and North American platforms into this network, and ultimately building a number of international bank franchises in some of the largest and fastest growing economies in the area between West Africa to East Asia.

Group chief executive Alex Thursby said NBAD was extremely well positioned to continue the successful growth trajectory it had experienced in the past by focusing on its new mission to be “core to customers” and capitalising on the bank's balance sheet strength and geographic positioning.

"We are investing in our new strategy and building the operational ‘spine’ of the Bank. Our focus is on building new drivers of non-interest income and our results are beginning to show strong improvements in underlying revenue performance," he added.-TradeArabia News Service