IIFA Utsavam 2024 celebrates the rich and diverse legacy of South Indian cinema
entertainment12 hours ago
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The Ministry of Finance in October had provided Dh5.6 billion funds on 4.5 per cent interest to NBAD, as part of a scheme under which Dh50 billion funds were released to national banks in two installments.
The shareholders also approved another proposal to issue Dh4 billion non-convertible bonds to the Government of Abu Dhabi against the funds it provided to shore up capital requirements in January this year.
The Government of Abu Dhabi had pumped in Dh16 billion in five of its banks in its efforts to improve the capital adequacy ratios, which were exposed due to an imbalance in lowering deposits against higher amount of loans.
Michael H. Tomalin the chief executive of NBAD told reporters that since the MoF’s offer was attractive, the shareholders at the extra ordinary general meeting (EOGM) and AGM of the bank approved the proposal.
The shareholders also approved the Abu Dhabi government’s decision on a better payout of 30 per cent cash dividend and ten per cent bonus shares. Previously, the board of directors of the bank had recommended a 20 per cash dividend and 40 per cent bonus shares which the government changed as the largest shareholder in the bank.
Mohammed Ali Yasin, a senior share analyst welcomed the payout which is according to the market aspiration and conditions.
Speaking on the occasion, Nasser Ahmed Khalifa Al Sowaidi, chairman, NBAD, who is also the chairman of the Abu Dhabi Department of Planning and Economy (DPE), said that UAE’s economic performance continued to be strong in 2008 as forecasts indicate that the trade surplus reached a record high of Dh287 billion.
haseebhaider@khaleejtimes.com
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