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AGM

Notes from our Annual General Meetings.

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2016 AGM Results

FGB announces 100% cash dividend for 2015 at Annual General Meeting

FGB successfully concluded its Annual General Meeting (AGM) today at the St. Regis Corniche Hotel in Abu Dhabi, where the distribution of 100% cash dividends for registered, entitled shareholders for the financial year ended 31 December 2015 were approved. Owners of FGB shares registered on Wednesday 16/03/2016 (i.e. buyers on 14/03/2016) are entitled to cash dividends. AGM attendees also nominated new board member Jassim Al Seddiqi, Managing Director and Chief Executive Officer of Abu Dhabi Financial Group.

During the meeting, attendees unanimously approved all agenda items, including the amendment to the bank's Articles of Association in accordance with the requirements of the Commercial Companies Law No. (2) for 2015. Furthermore, the Board of Directors was authorised to issue any type of bonds, Islamic Sukuk, non-convertible into shares or any financing programmes, and determining terms of issuing such bonds, Islamic Sukuk, or any financing programmes, and set its issue date, not to exceed one year from the date of approval.

Abdulhamid Saeed, Managing Director and Board Member at FGB, said: "In a year of challenging economic conditions locally and a difficult operating environment globally, FGB delivered a strong set of results in 2015 with solid growth in net profits for the 16th year in a row. This reflects our recommendation to distribute 100% cash dividends. Total cash dividends this year totalled AED 4.5 Billion representing 75% of full year net profits against 69% in 2014 (AED 3.9 Billion cash dividends). Our disciplined approach, strong fundamentals and flexible business model has allowed us to adapt to these volatile market conditions and we remain committed to providing our shareholders with maximum value and attractive levels of dividends and capital growth."

André Sayegh, Chief Executive Officer of FGB, said: "2015 was a highly successful year for the bank where our net profits exceeded AED 6.0 Billion, the highest to-date. Through the continued successful execution of our strategy, we have remained focused on enhancing our dynamic business model, maintaining a strong balance sheet and solid capital ratios and creating synergies across our core businesses, which is essential to deepening our relationships with our customers. As we are mindful of the coming year, turning challenges into opportunities is one of our key objectives and as a leading financial institution in the UAE, we believe we can sustain and grow our business to generate higher returns for our stakeholders and employees."


Agenda for Ordinary General Assembly Meeting

Items Status
Discuss and approve the report of the Board of Directors on the activity of the Bank and its financial statements for the financial year ending 31/12/2015. Approved
Discuss and approve the report of the external auditors for the financial year ending 31/12/2015. Approved
Discuss and approve the Bank's balance sheet and profit and loss statements for the financial year ending 31/12/2015. Approved
Consider the proposal of the Board of Directors on the appropriation of net profits for the financial year ending 31/12/2015. This includes reserves, provisions and distribution of 100% of the capital as cash dividends. Approved
Discuss and approve Board of Directors' remuneration. Approved
Discharge of the board members for their actions during 2015. Approved
Discharge of the external auditors for their actions during 2015. Approved
Election of a new member of the Board of Directors (Jassim Al Seddiqi). Approved
Appointment of auditors for the financial year 2016 and determine their fees. Approved
Special Resolution: Approve the amendment to the Bank's Articles of Association in accordance with the requirements of the Commercial Companies Law No.2 of (2015), as per the draft uploaded on Abu Dhabi Stock Exchange website Approved
Special Resolution: Authorize the Board of Directors to issue any type of bonds, Islamic Sukuk, non-convertible into shares or any financing programs, and terms of issuing such bonds, Islamic Sukuk or any financing programs and set its issue date, not to exceed one year from the date of approval Approved

2015 AGM Results

FGB announces 100% cash dividends and 15.38% bonus shares for 2014 at Annual General Meeting

Abu Dhabi, February 25, 2015: FGB, one of the leading banks in the UAE and the largest by market capitalisation, hosted a successful Annual General Meeting (AGM) today at the Ritz Carlton Hotel in Abu Dhabi.

During the event, distribution of 100% cash dividends and of 15.38% bonus shares for the financial year ended 31 December 2014 were approved. Owners of FGB shares registered on Sunday 08/03/2015 (shareholders on 04/03/2015) are entitled to cash dividends and bonus shares. FGB's financial statements for the year ended December 31, 2014 were also approved during the AGM.

The event also included the re-election of FGB's Board Members for financial years 2015-2017 consisting of:

  • H.H. Sheikh Tahnoon Bin Zayed Al Nahyan
  • Ahmed Ali Al Sayegh
  • Abdulhamid Mohammed Saeed
  • Khaldoon Khalifa Al Mubarak
  • Sultan Khalfan Al Ktebi
  • Mohammed Saif Al Suwaidi

Abdulhamid Saeed, Managing Director and Board Member at FGB, said: "Following the Bank's solid performance in 2014, we are very pleased to announce the distribution of 100% cash dividends and 15.38% bonus shares. Total cash dividend distribution this year is totalling AED 3.9 Billion representing 69% of our full year net profits against 63% in 2013 (AED 3.0 Billion cash dividends). Despite higher dividends compared to last year, FGB is continuing to maintain a robust capital position with total Capital Adequacy Ratio at 17.5% and a Tier 1 Capital at 16.2% after dividend distribution."

He added: "During the same year that marked our 35th year of operation, FGB became the number 1 UAE bank by net profit for the second year in a row. Our strong financial performance in 2014 reflects the success of our strategy while at the same time reaffirming our shareholders' confidence in our ability to drive sustainable value creation. As ever, we remain committed to maximising value for all our stakeholders now and in the future."

André Sayegh, Chief Executive Officer of FGB, said: "2014 was another successful year for FGB, marking 15 years of uninterrupted net profit growth for the bank. Our financial results for 2014 are testament to the success of our restructuring efforts and focus on enhancing capabilities and synergies across our core businesses. Looking ahead, we will continue to strengthen our position as one of the UAE's leading banks whilst putting customers first and ensuring that FGB is a "First Choice" banking institution, both locally and abroad."

All topics on the AGM agenda were discussed and approved during the event, including:

  • The report of the external auditors for the financial year ending 31/12/2014.
  • The bank balance sheet and profit and loss statement for the financial year ending 31/12/2014.
  • Discharge of the Board Members for their actions during 2014.
  • Discharge of the external auditors for their actions during 2014.
  • Appointment of auditors for the financial year 2015 and determining their fees.


2014 AGM Results

100% cash dividend and 30% bonus shares for 2013 announced at FGB Annual General Meeting

Abu Dhabi, February 26, 2014: First Gulf Bank (FGB), one of the leading banks in the UAE, successfully concluded its Annual General Meeting today at the St. Regis, Corniche, Abu Dhabi.

The AGM approved a cash dividend of 100% of the capital and 30% bonus shares for the financial year ending 31 December 2013. Owners of FGB shares registered on Sunday 09/03/2014 (buyers on 05/03/2014) are eligible to cash dividends and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2013.

Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: "Following our outstanding financial performance for 2013, we are pleased to announce the distribution of 30% bonus shares and cash dividend of 100%, which represents 63% of full year Net Profit. This is equivalent to a cash dividend payment of AED 3.0 billion, which represents a 20% increase over the AED 2.5 billion distributed in 2012. At the same time, we continue to maintain a high Capital Adequacy ratio and FGB shares generated a 5-year total return to shareholders of 545% for the period."

He added: "FGB continues to prioritise shareholders' returns in its operations, as our shareholders have played a key part in our business success by supporting us year after year. We foresee ongoing high returns moving forward, as we continue to diversify our sources of revenues by introducing new products and services and as we expand our geographic presence locally and overseas."

André Sayegh, Chief Executive Officer of FGB, said: "2013 was a very positive year for FGB. It is a result of our solid and dynamic business model which is built on delivering a sustainable performance. Not only did we achieve outstanding profits, but we also continued to expand our operations by diversifying our sources of revenues with complementing businesses. Our acquisition of Dubai First and Aseel Finance is a clear testament to our commitment to expand our operations across new sectors, which complement our existing businesses and create more synergy. In addition, we are also growing our international presence through new rep offices and branches to better meet our clients' needs."

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 31/12/2013.
  • The bank balance sheet and profit and loss statement for the financial year ending 31/12/2013.
  • Discharge of the Board Members for their actions during 2013.
  • Discharge of the external auditors for their actions during 2013.
  • Appointment of auditors for the financial year 2014 and determining their fees.


2013 AGM Results

FGB's annual general meeting approves 83% cash dividend

Abu Dhabi, February 27, 2013: FGB, the major leading UAE financial institution, successfully concluded its Annual General Meeting today at Etihad Towers, Abu Dhabi.

The AGM approved a cash dividend of 83% of the capital. Owners of FGB shares registered on Sunday 10/03/2013 are eligible to cash dividends. The AGM also approved the financial statements for the year ending December 31, 2012.

Abdulhamid Saeed, Managing Director, FGB, commented: "Following our 2012 outstanding financial performance, we are pleased to announce the cash dividend of 83%, far exceeding the rates announced by our competitors and setting FGB's dividends as the highest amongst UAE banks. This is equivalent to a cash dividend payment of AED 2.5 billion and that represents a 67% increase year on year."

He added: "2012 was a highly successful year for our bank, in which net profits exceeded AED 4 billion positioning FGB 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.