First Gulf approves 100% cash dividend and 100% bonus shares

First Gulf Bank PJSC, headquartered in Abu Dhabi, concluded its Annual General Meeting on February 29, 2012 .The AGM approved a cash dividend of 100% of capital, as well as distribution of 100% bonus shares. Buyers of FGB shares by the 7th of March 2012 are eligible to cash dividends and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2011.

Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: “In line with our commitment in providing our shareholders with optimum value, FGB continues to offer high returns, where our board recommended a dividend of 100% of capital and bonus shares of 100%, on the back of our outstanding results, which were approved by the AGM. Today’s meeting clearly reflects the high level of trust and support we enjoy in the market in achieving our goals.”, Ameinfo reported. Saeed added: “2011 was a highly successful year for our bank, where our profits exceeded the USD one billion mark.”

FGB focused on “investing in developing diversified banking activities, thus positioning the bank at the top end of the banking sector for the medium and long term. FGB’s shareholder equity by end of 2011 was 26, 7 billion, 11% higher than the previous year. We are now one of the largest equity based banks in the UAE, recording a net profit of Dhs3, 707m during the year 2011, which translated into an EPS of Dhs2,37. This success in 2011 reaffirms a consistent and positive growth in all financial indicators, profits, revenues, capital adequacy, liquidity and the strength of our core banking operations’ reflecting a very solid balance sheet.”, André Sayegh, Chief Executive Officer, FGB, said.