First Gulf announces 30% bonus shares

First Gulf Bank (FGB) 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, said the distribution of bonus shares and cash dividend represented 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.

André Sayegh, Chief Executive Officer of FGB, said 2013 was a very positive year for FGB. Not only did bank achieve outstanding profits, but continued to  expand  operations by diversifying  sources of revenues with complementing businesses. The bank’s acquisition of Dubai First and Aseel Finance is a clear testament to the commitment to expand  operations across new sectors, he pointed out.

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