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First Gulf Bank's shareholders approve 83% dividend

February 26, 2014



First Gulf Bank (FGB)'s annual general meeting on Wednesday approved a

cash dividend of 100% of the capital and 30% bonus shares for shareholders

as of record on March 5.



"Following our 2012 financial performance, we are pleased to announce the

bonus shares of 30% and 100% cash dividends of capital representing 63% of

2013 net profits representing total value of AED 3 billion compared with

AED 2.5 billion in 2012," said Abdul Hamid Saeed, FGB's Managing Director.



According to a release sent to Mubasher, he added: "2012 was a highly

successful year for our bank, in which net profits exceeded AED 4 billion

positioning First Gulf Bank among the best performers of the Middle East

region. Furthermore, revenues for the fourth quarter at AED 2,006 million,

were the strongest quarterly revenue numbers ever recorded by the bank."



AndrÉ Sayegh, Chief Executive Officer of FGB, said: "FGB's Shareholders'

equity by the end of 2012 and before cash dividend distribution stood at

AED 29.9 billion and the Earnings per share for the full year 2012 of AED

1.33 were 16% higher than 2011. Our balance sheet liquidity and

capitalisation were also maintained at a comfortable position, set for

further future growth."



He added: "We will continue to develop new, innovative products and

services, and to look for profitable business deals and expansion

opportunities as we move forward in 2013. We look towards the support of

our shareholders to continue to maintain our strong financial performance

quarter after quarter."



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

included:



The report of the external auditors for the financial year ending

31/12/2012.

The bank balance sheet and profit and loss statement for the financial year

ending 31/12/2012.

Discharge of the Board Members for their actions during 2012.

Discharge of the external auditors for their actions during 2012.

Appointment of auditors for the financial year 2013 and determining their fees.;

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Source: Mubasher (Saudi Arabic)


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