National Bank of Abu Dhabi (NBAD) Ordinary General Meeting, held on Sunday in Abu Dhabi, approved the distribution of 40% cash dividends and 20% bonus shares to shareholders listed in the Share Register held with Abu Dhabi Securities Market (ADSM) as on April 2nd 2008.
The meeting, held under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the NBAD Board, also reviewed and approved the directors? report, auditor?s report and the financial statements for the year 2007.
The Extraordinary General Meeting (EGM), which has convened after the ordinary meeting, approved establishing a ?Staff Share Option Scheme? and authorised the board of directors to execute its resolution.
It also approved the increase of the Bank's paid up capital resulting from the conversion of AED1.388bn of the 2006 Subordinated Convertible Note in accordance with the resolutions passed by the Extraordinary General Meetings on November 22nd, 2005 and September 5th, 2007.
"The Staff Share Option Scheme, one of the first in Abu Dhabi is an added proof that NBAD is committed to employing and rewarding top talent and treating its key staff more like owners than employees. The scheme aims to retain the Bank's best employees and attract new hires to NBAD" said Mr. Ehab Hassan, NBAD's Chief Human Resources Officer.
Mr. Michael Tomalin, NBAD?s Chief Executive commented:"We value our people. They are the key asset of our business? NBAD reported net attributable profits of AED 2,505 million or AED 1.57 per share in 2007, 19% up on 2006.
Operating income reached AED 3,665 billion, 24% up on 2006. Net Interest income, which represented 66% of operating income rose 19%; fee and other operating income rose 35% reflecting the focus on fee generating businesses.
Total assets reached AED140 billion at the end of 2007, up 38% from year end 2006 with customer deposits up 16% to AED 82 Billion and loans up 39% to AED 80 billion. Total capital resources reached AED 13.7 billion, up 20%, including AED 2.5 billion of subordinated convertible notes and without any new shareholder contributions. The Return On Equity at 26.3% in 2007 is ahead of the 25% average target set in the bank?s 5 year plan. Capital adequacy ratios remain comfortable.
"NBAD's financial results in 2007 were solid and a continuation of our good performance since 1999. The return on equity of 26.3% is one of the best in the industry, both locally and internationally, and in line with our 25% medium term objective said Mr. Abdulla Mohammed Saleh Abdul Raheem, NBAD's Senior General Manager and Group Chief Operating Officer.
?We expect positive growth in 2008. Our fully owned Islamic and real estate subsidiaries will be operational in 2008 and we plan to continue to invest more in the business. Although we have done well, there remains a great opportunity to grow much larger still? Mr. Michael Tomalin, NBAD?s Chief Executive concluded. WAM
The meeting, held under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the NBAD Board, also reviewed and approved the directors? report, auditor?s report and the financial statements for the year 2007.
The Extraordinary General Meeting (EGM), which has convened after the ordinary meeting, approved establishing a ?Staff Share Option Scheme? and authorised the board of directors to execute its resolution.
It also approved the increase of the Bank's paid up capital resulting from the conversion of AED1.388bn of the 2006 Subordinated Convertible Note in accordance with the resolutions passed by the Extraordinary General Meetings on November 22nd, 2005 and September 5th, 2007.
"The Staff Share Option Scheme, one of the first in Abu Dhabi is an added proof that NBAD is committed to employing and rewarding top talent and treating its key staff more like owners than employees. The scheme aims to retain the Bank's best employees and attract new hires to NBAD" said Mr. Ehab Hassan, NBAD's Chief Human Resources Officer.
Mr. Michael Tomalin, NBAD?s Chief Executive commented:"We value our people. They are the key asset of our business? NBAD reported net attributable profits of AED 2,505 million or AED 1.57 per share in 2007, 19% up on 2006.
Operating income reached AED 3,665 billion, 24% up on 2006. Net Interest income, which represented 66% of operating income rose 19%; fee and other operating income rose 35% reflecting the focus on fee generating businesses.
Total assets reached AED140 billion at the end of 2007, up 38% from year end 2006 with customer deposits up 16% to AED 82 Billion and loans up 39% to AED 80 billion. Total capital resources reached AED 13.7 billion, up 20%, including AED 2.5 billion of subordinated convertible notes and without any new shareholder contributions. The Return On Equity at 26.3% in 2007 is ahead of the 25% average target set in the bank?s 5 year plan. Capital adequacy ratios remain comfortable.
"NBAD's financial results in 2007 were solid and a continuation of our good performance since 1999. The return on equity of 26.3% is one of the best in the industry, both locally and internationally, and in line with our 25% medium term objective said Mr. Abdulla Mohammed Saleh Abdul Raheem, NBAD's Senior General Manager and Group Chief Operating Officer.
?We expect positive growth in 2008. Our fully owned Islamic and real estate subsidiaries will be operational in 2008 and we plan to continue to invest more in the business. Although we have done well, there remains a great opportunity to grow much larger still? Mr. Michael Tomalin, NBAD?s Chief Executive concluded. WAM
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