Emirates NBD stakeholders meeting approves 40% dividend

16/02/2016 07:51 AST

Emirates NBD held its ninth Annual General Meeting (AGM) on Monday. At the AGM, Emirates NBD Chairman, Shaikh Ahmad Bin Saeed Al Maktoum, presented a review of the year ended December 31 2015.

“The UAE private sector economy has remained resilient in 2015, and with new projects being planned, from theme parks, hotels and infrastructure in the run up to Expo 2020, we can anticipate further healthy growth. The visionary leadership of the UAE government has introduced and implemented several initiatives, which will ensure sustainable growth in the UAE and reinforce its position as a major economic power in the region. In addition, our prudent and responsive monetary policy will hold us in good stead for continued growth and development,” Shaikh Ahmad said.

Last month Emirates NBD had reported a net profit of Dh7.1 billion for 2015, up 39 per cent compared to 2014.

Shaik Ahmad said Emirates NBD has a very positive outlook for the year ahead, backed by strong asset growth, an increase in income, control on expenses and a significant improvement in the cost of risk, all contributing strong operating performance.

“Despite a more challenging year for regional liquidity, the bank’s balance sheet remains strong due to further improvements in credit quality, strong structural liquidity and robust capital ratios,” he said.

The AGM of the bank passed resolutions including aproval of distribution of 40 per cent cash dividend (40 fils per share) for the year ended December 31, 2015; review and approval of the directors’ report concerning the group’s activities and financial statements for the year ended December 31, 2015 as well as review and approval of the auditors’ report for the same period; approval of the consolidated statements of the Group for the financial year ended December 31, 2015.

Ernst & Young were appointed as Auditors of the Group for the year 2016. The AGM also elected the board of directors.

Shaikh Ahmad, in his capacity as Chairman of the bank said, Emirates NBD has made significant strides in all business segments such as retail banking and wealth management, wholesale banking and global markets and treasury and the bank will continue to invest in new tecnology to improve products, processes and customer experience.

Gulfnews