| 15 Mar 2010 |
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NBAD approves distribution of 10% cash dividends and 10% bonus shares
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Abu Dhabi- (15 March 2010): At its Annual General Meeting held in Abu Dhabi, the National Bank of Abu DhabiNational Bank of Abu Dhabi
(NBADNBAD) approved the distribution of 10% cash dividends and 10% bonus shares to shareholders listed in the share register held with Abu Dhabi Securities ExchangeAbu Dhabi Securities Exchange (ADXADX) as at 25 March 2010. The meeting convened under the chairmanship of Mr. Nasser Ahmed Khalifa Alsowaidi, Chairman of the NBADNBAD Board, to review and approve the directors' report, auditor's report and the financial statements for the year ending 31 December 2009.
The chairman announced that Mr. Matar Hamdan Al Ameri HHHHhHhhhhhHHhhamH and Mr. David Beau had been appointed to the board as independent directors. These appointments further confirm NBADNBAD's commitment to the principles of transparency and corporate governance.
An independent director's role is to provide assurance of the company's ethics performance and enhances the credibility of the information provided to stakeholders.
Addressing NBADNBAD
's shareholders Mr. Nasser Ahmed Khalifa Alsowaidi said: "I am pleased with NBADNBAD's profits which were achieved in extremely challenging local and international operating conditions. The Group's business model and its businesses once again proved their resilience." NBADNBAD reported flat net profits of AED 3,020 million for the financial year ending 2009 (AED 3,019 million in 2008). Diluted earnings per share were AED 1.35 per share compared with AED 1.37 in 2008. This profit was achieved after taking substantial collective provisions and despite the past year's credit and liquidity challenges.
Net impairment charges for the full year were AED 1,408 million of which collective provisions were AED 756 million, specific provisions and write-off charges were AED 797 million, mitigated by recoveries of AED 145 million.
Collective provisions of AED 1,604 million represents 1.25% of credit risk weighted assets.
The return on equity for the year is 20% realising our target for 2009. NBADNBAD's medium term strategic objective is to maintain an average return of 25% over the full economic cycle.
Total assets at the end of 2009 reached AED 197 billion, 19.6% higher than at the end of 2008. Customer deposits rose from AED 103 billion at the end of 2008 to AED 121 billion at the end of 2009, a growth of 17.1%. Customer loans grew from AED 112 billion to AED 132 billion for the same period, a growth of 18.3%.
Improved margins and good funding cost management led to a 26.7% improvement in net interest income of AED 4,571 million for the 2009 financial year compared with AED 3,608 million for 2008.
In attendance at the AGM, NBADNBAD's Chief Executive, Michael H. Tomalin, said "Although our net profits in 2009 appear to be flat, operating profits increased 18.2% and we have increased capital, invested in the business, grown the Bank and built substantial provisions against the future. This puts NBADNBAD in the best possible position to withstand the challenges that might lie ahead of us in 2010 and beyond on our journey to becoming NBADNBAD the number one Arab bank".
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About NBAD
The National Bank of Abu DhabiNational Bank of Abu Dhabi (NBADNBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities ExchangeAbu Dhabi Securities Exchange (ADXADX), under stock code (NBADNBAD).
Ranked as one of the top 50 safest banks in the world, NBADNBAD currently operates across 12 countries on four continents.
NBADNBAD has a network of more than 100 branches in the UAE in addition to cash offices that are spread out in remote locations to provide banking services to customers all over the UAE.
The branch network is widened further with more than 330 ATMs through which customers perform a variety of transactions.
Besides brick & mortar branches, NBADNBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.
NBADNBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBADNBAD has nearly 50 branches and 60 ATMs outside the UAE.
NBADNBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses.
The bank is organised into various client-focused divisions. They are the UAE Domestic Banking, International Banking, Financial Markets, Corporate and Investment Banking, Abu Dhabi National Islamic Finance (ADNIF), and Global Wealth comprising of Private Banking and Asset Management Group, and the wholly owned stock brokerage company Abu Dhabi Financial Services (ADFS). The Bank's wholly owned subsidiaries, Abu Dhabi National Leasing Company (ADNL) and Abu Dhabi National Properties (ADNP) are part of the Corporate and Investment Banking division.
NBADNBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
Committed to the service of the UAE society, NBADNBAD has a written Corporate Social Responsibility Mission, which forms an important element of the Bank's overall strategy.
NBADNBAD is an award winning leader in the UAE and GCC financial services industry. In 2009, NBADNBAD won the prestigious UAE Corporate Governance Award by Hawkamah, Institute of Corporate Governance; the Human Resources Development Award in Banking Sector from Emirates Institute for Banking and Financial Studies; Best Bank in the UAE for the third time in the last 10 years from Euromoney; Retail Bank of the year from Arabian Business; Best Personal Loan in the Middle East from Bankers Middle East; Best Local Bank in the UAE from emeafinance; Deal of the year from Project Finance Magazine; Best Company for Investor Relations in the UAE from Middle East Investor Relations Society; Corporate Finance, Structured Finance & UAE Deal of the year from Islamic Finance News; and Strategic Banking Web Award from the Pan- Arab Web Academy.
The Bank was ranked in the World's 50 Safest Banks in 2009 by Global Finance and recognised as a superbrand by Superbrands, the independent authority and arbiter on branding.
In previous years, NBADNBAD has also won other prestigious awards such as the Sheikh Khalifa Gold Award, the Mohammed Bin Rashid Al Maktoum Business Award, the Dubai Quality Award, the Middle East Excellence Award 2008, ACN Arab Technology Award for the Banking & Finance, CIO Award of The Year, the Middle East e-Banking Country Award, the Outstanding use of IT in Financial Services Award, and excellence award for Best use of Technology from Banker Middle East.
NBADNBAD, The Number One Bank in UAE, is poised for further growth in line with its Vision - To be the Number One Arab Bank.
For further enquires, please contact:
Amelia Soares
Head of Investor Relations and Corporate Affairs
National Bank of Abu DhabiNational Bank of Abu Dhabi
Tel Direct : +971 2 611 1315
Email: amelia.soares@nbad.com
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Mob: + 971508126799
Email: ehab.khairi@nbad.com
Web: www.nbad.com
© Press Release 2010
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