First Gulf Bank PJSC. successfully concluded its Annual General Meeting today (March 9, 2011) at Fairmont Bab Al Bahr Hotel, in Abu Dhabi.

The AGM approved a cash dividend of 60 per cent, as well as distribution of 5 per cent bonus shares, a total of 75 million shares to the shareholders. These shares were part of the buy-back initiative of the bank over the past two years. The AGM also approved the report for the Board of Directors and the financial statements for the financial year ending December 31, 2010.

Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: “We are pleased to continue our work creating the best value for our shareholders, through our performance efficiency and offering generous cash dividends and bonus shares. Today’s AGM’s approval of the dividend suggestion demonstrated the shareholders’ trust in the bank’s Board of Directors, executive management and the strategies that FGB followed in all its operation and businesses, helping the bank to achieve its goals."

He added: “First Gulf Bank has witnessed another successful year, 2010, which reflected the bank’s exceptional financial performance and maintain earnings split of our core business and our other ancillary businesses, while focusing on consistent and controlled growth across all business segments."

“The combination of the dynamic business strategies and an effective enterprise-wide risk management has enabled us to effectively protect and grow returns for all our stakeholders. Our strategy for 2011 is to maintain a strong balance sheet and a good portfolio, while continuing to focus on efficiency and sustainable business growth.”

André Sayegh, Chief Executive Officer, FGB, said: “During this past year, the bank continued to focus on strengthening its core business and maximizing shareholders return. FGB’s equity by end of 2010 was in excess of AED 24 billion, seven per cent higher than the previous year, with return on average equity at 14.7 per cent. We are now one of the largest equity based banks in the UAE, recording a net profit of AED 3.42 billion during the year 2010, which translated into an EPS of AED 2.15. This success in 2010 reaffirms a consistent and positive growth in profits, revenues capital adequacy, liquidity and the strength of our core banking operations, thus adding more to the gains made during 2009.”

The AGM also discussed and approved all the topics of the agenda
 

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