(MENAFN-Khaleej Times) Emirates NBD approved distribution of 25 per cent cash dividend to shareholders for the year ending December 31, 2013
Shaikh Ahmed chairing Emirates NBD’s seventh annual general meeting at the bank’s headquarters in Dubai. — Supplied photo
The bank’s Chairman Shaikh Ahmed bin Saeed Al Maktoum chaired the bank’s seventh annual general meeting at the bank’s headquarters and gave the approval. The meeting also reviewed and approved the directors’ report concerning the group’s activities and financial statements for the year as well. It also reviewed and approved the auditors’ report for the same period.
“In 2013, the UAE’s economy demonstrated positive signs of recovery and steady growth, despite the economic challenges that remain, both regionally and globally,” Shaikh Ahmed said.
“The development and success of the UAE allows it to remain an oasis of economic safety and prosperity, which is due to the wise leadership and vision of the UAE Government.”
The bank recorded Dh3.3 billion net profit in 2013 of, up 27 per cent compared with the prior year. Total assets were up 11 per cent at Dh342.1 billion and customer deposits reached Dh239.6 billion, up 12 per cent from the previous year. Total income was at Dh11.9 billion, up 16 per cent versus 2012, while capital adequacy ratio remained at a healthy level of 19.6 per cent.
“I am pleased with the strong performance delivered by the group’s business units in 2013 as shown by the 27 per cent increase in net profit. The group has increased its international footprint, particularly with the acquisition in Egypt. As a leading bank in the region, we are well placed to take advantage of future growth opportunities in Dubai, the UAE and the Gulf region,” he said.
“The UAE’s successful bid to host the Expo 2020 in Dubai is an excellent opportunity to showcase the UAE’s capabilities. The UAE is well positioned to continue enjoying further improvements to its economy over the year, while leveraging on the numerous benefits that will emerge in line with the positive progress,” he added.
Other resolutions passed included the approval of the consolidated statements of the group for the financial year; and the announcement that Ernst & Young were appointed as auditors of the group for the year 2014.
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