(MENAFN- Khaleej Times) Emirates NBD, which has emerged as the first UAE bank to achieve an annual pre-impairment operating profit above Dh10 billion, announced on Wednesday its decision to increase the cash dividend to 35 fils per share for 2014.
At the Annual General Meeting held on Wednesday, Shaikh Ahmed bin Saeed Al Maktoum, chairman of the bank, presented a review of Emirates NBD's performance in 2014, and said the year witnessed Emirates NBD Group making significant contributions in taking Dubai closer to its vision of becoming the world capital of the Islamic economy.
"During the year, our Investment Banking arm was ranked as the highest arranger of US dollar sukuk issuances in the Middle East and number three globally. In addition, our Islamic banking franchise, Emirates Islamic, delivered solid results during the year marked by excellent financial performance," said Shaikh Ahmed.
In a statement, he said the UAE has been on a firm growth trajectory which enabled the country to consolidate its position as the second largest Arab economy. The growth was propelled by non-oil related investments, continued buoyancy in trade and services and a booming tourism industry, he pointed out.
"The strong and sustained growth in the UAE is attributed to the visionary leadership of the UAE government, which has introduced several measures, including macroeconomic and financial sector developments. These developments have turned the country into a major economic power in the region," Shaikh Ahmed said.
Taking advantage of the robust economic landscape in the UAE, Emirates NBD remained on a growth path in 2014. "It has been an important year for the bank as we have proved yet again in our ability to be a force for growth, while setting benchmarks for the banking industry in the UAE and the wider region. We delivered a record performance and became the first UAE bank and for the first time in our 50-year history, to achieve an annual pre-impairment operating profit above Dh10 billion. In light of the strong performance by the bank, we are proposing to increase the cash dividend to 35 fils per share," Shaikh Ahmed said.
The AGM appointed Ernst & Young as auditors of the group for 2015. According to the review for 2014, the bank's total income surged 22 per cent to Dh14.4 billion, while net profit jumped 58 per cent to Dh5.1 billion, earnings per share reached 0.83. The bank's total assets rose six per cent Dh363 billion and customer deposits grew eight per cent to Dh258.3 billion. Capital adequacy ratio strengthened to 21.1 per cent.
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