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We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Approves substantial ordinary dividend of 100 fils per share
Dubai, 24 February 2025: Emirates NBD (DFM: EmiratesNBD), a leading banking group in the Middle East, North Africa and Türkiye region, held its 18th General Assembly Meeting on 24 February 2025.
At the General Assembly Meeting, a review of the Group’s performance during 2024 was presented. Commenting on the Group’s performance, Emirates NBD Chairman, His Highness Sheikh Ahmed Bin Saeed Al Maktoum,said: “The story of Dubai and the UAE in 2024 is one of relentless ambition and boundless opportunity. Dubai and the UAE had another exceptional year, cementing their position among the leading global hubs for innovation, talent, and investment. Dubai’s GDP grew by 3.2% in 2024 to reach AED 443 billion, driven by the expansion of key sectors, including transport, hospitality, logistics, and financial services.”
His Highness added: “A key catalyst in this remarkable growth story is Emirates NBD, which continues to perform and transform, as Dubai’s largest bank and the most profitable financial institution in the region. The Dubai Economic Agenda, D33 aims to double the size of Dubai’s economy by 2033 and position the city among the top three global cities. Emirates NBD is actively driving progress through strategic initiatives that prioritise innovation, financial inclusion, and sustainable growth, solidifying its standing as a critical enabler in Dubai’s vision.”
Key financial highlights for 2024 included:
Profit before tax 15% higher on significant loan growth, a low-cost funding base, strong transaction volumes and substantial recoveries. Profit after tax of AED 23 billion up 7%
Total income up to AED 44.1 billion on strong loan growth coupled with an excellent stable, low-cost funding mix
10% loan growth in 2024, with AED 88 billion of new Corporate lending on optimisation of regional network and a 30% increase in Retail lending as Priority and Private banking franchise grows rapidly
Deposit mix is a key strength, growing AED 82 billion in 2024, including a AED 48 billion increase in Current & Savings Accounts
Impairment charge of AED 0.1 billion with a record low Cost of Risk on strong recoveries
Impaired loan ratio improved to 3.3% as clients benefit from a buoyant economy
Emirates Islamic’s AED 2.8 billion record profit driven by exceptional 31% Customer Financing growth in 2024
Earnings per share up significantly by 7% to 356 fils in 2024
His Highness Sheikh Ahmed Bin Saeed Al Maktoum, added: “Our landmark financial performance has been achieved in harmony with Emirates NBD’s longstanding commitment to responsibility and sustainability. In 2024, Emirates NBD expanded its sustainable finance offerings with innovative solutions, such as Sustainable Fixed Deposits and ESG-linked working-capital facilities for customers across the region. It also introduced the region’s first globally recognised Sustainability- Linked Loan Bond Framework, fully aligned with the latest International Capital Market Association guidelines. Our ESG Forward Journey outlines a comprehensive roadmap to enhance sustainable finance governance, achieve net zero emissions for key sectors, and reduce Scope 1 & 2 Greenhouse Gas emissions by 30% from the 2023 baseline by 2030. We have also committed to provide USD 30 billion in sustainable finance and achieve 25% female representation in senior leadership by 2027.”
His Highness concluded: “In closing, I extend my deepest gratitude to H.H. Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, and H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for their visionary leadership and inspiring ambition. I also wish to thank the Board of Directors, the Senior Management team, and every employee for their steadfast commitment to Emirates NBD’s achievements this year and their ongoing dedication to its continued success in the future.”
The following resolutions were passed at the General Assembly Meeting:
To approve the report of the board of directors (‘the Board’) on the Bank’s activities and the financial statements for the year ended 31 December 2024.
To approve the report of the external auditor of the Bank for the year ended 31 December 2024.
To approve the report of the Internal Shari’ah Supervision Committee in respect of the Bank’s Islamic banking window for the year ended 31 December 2024.
To approve the audited balance sheet and the profit and loss account of the Bank for the year ended 31 December 2024.
To approve the Board’s proposal to distribute cash dividends for the year ended 31 December 2024 of AED 1 per ordinary share (100%), being AED 6,316,598,253 in total, to shareholders on the register of the Bank’s shareholders at the close of the trading on 6 March 2025.
To approve the remuneration of the Board for the year ended 31 December 2024.
To absolve members of the Board from liability for their work during the year ended 31 December 2024.
To absolve the external auditor from liability for work conducted during the year ended 31 December 2024, or to dismiss and pursue the external auditor, as the case may be.
Ernst & Young Middle East (Dubai Branch) were appointed as auditors of the Group for the year 2025.
Approval of membership renewal of Internal Shari’ah Supervision Committee members.
To elect the members of the Board of Directors in accordance with the requirements of the Bank’s Articles of Association.
Special resolutions:
To approve the Board’s proposals with respect to non-convertible securities to be issued by the Bank subject to obtaining the necessary approvals from the relevant regulatory authorities, as detailed below, and to authorise the Bank to:
undertake any updates of the following existing programmes (which were approved at the general assembly meetings held on 15 February 2016, 12 February 2017, 27 March 2018, 20 February 2019, 10 March 2020, 24 February 2021, 23 February 2022, 22 February 2023 and 21 February 2024) pursuant to which the Bank issues securities from time to time:
the Emirates NBD Bank P.J.S.C U.S.$20,000,000,000 euro medium term note programme (the "EMTN Programme");
the Emirates NBD Bank P.J.S.C AUD 4,000,000,000 debt issuance programme (the "AUD Programme", and together with the EMTN Programme, the "Existing Programmes");
establish any debt funding programme, up to a maximum amount of U.S.$10,000,000,000, in addition to the Existing Programmes (the "New Programmes", and together with the Existing Programmes, the "Programmes") and undertake any subsequent update of the New Programmes and to authorize the Board to carry out the resolutions relating to the issuance of bonds and Programmes.;
issue debt instruments, up to an amount of U.S.$10,000,000,000, or its equivalent in other currencies, under any of the Programmes from time to time, with the terms of any such issuance decided by the relevant committee to which the Board has delegated such decisions;
issue debt on a standalone basis, up to a maximum amount of U.S.$10,000,000,000, or its equivalent in other currencies, (including, without limitation, through the issuance of conventional notes/bonds, structured notes/bonds, covered notes/bonds, trust certificates or other similar debt instruments (including for regulatory capital purposes up to an amount of U.S.$2,000,000,000 for the purposes of strengthening the Group's capital adequacy ratio (the capital instruments shall include the terms and conditions required by the Central Bank of the UAE, including, as applicable, in relation to additional tier 1 capital instruments and tier 2 capital instruments,the following features: subordination; coupon non-payment events; and non-viability and write-down provisions) or, as the case may be, through collateralised arrangements whether in loan or note/bond format, as the same may be listed and/or admitted to trading on a stock exchange or any other trading platform and/or unlisted)) ("Debt Funding Arrangements"), with the terms of any such issuance decided by the relevant committee to which the Board of Directors has delegated such decisions;
in respect of:
instruments issued or to be issued under any of the Programmes; and/or
debt issued or to be issued under Debt Funding Arrangements,undertake any liability management exercise with respect thereto (including, without limitation, by way of consent solicitation, exchange offer, tender offer, buyback or any combination thereof);
prepare and enter into such finance agreements and related documents as may be necessary (including, without limitation, any offering documents/prospectus, relevant programme/dealer agreements, subscription agreements, dealer manager agreements, guarantees, hedging arrangements, listing declarations and all related and ancillary documents) in respect of the foregoing;
establish one or more special purpose vehicles incorporated in suitable jurisdictions anywhere in the world, with the specific purpose of acting as the issuers of any debt instruments issued under any of the Programmes or, as the case may be, any Debt Funding Arrangements; and
enter into any document(s) and to take any further steps as may be necessary in connection with the actions set out in this Special Resolution.
To authorize the Board of Directors of the Bank, and/or any person so authorised by the Board of Directors, to adopt any resolution or take any action as may be necessary to implement the ordinary and Special Resolutions to be adopted by the general assembly in this meeting.
UAE
