Emirates NBD Holds its Tenth Annual General Meeting

3 Min | 13 February 2017

Emirates NBD (DFM: EmiratesNBD), a leading bank group in the region, held its tenth Annual General Meeting (AGM) at the Bank's Headquarters.

Dubai, 12 February 2017: Emirates NBD (DFM: EmiratesNBD), a leading bank group in the region, held its tenth Annual General Meeting (AGM) at the Bank’s Headquarters.

At the AGM, a review of the year ended 31st December 2016 was presented. Commenting on the business environment, Emirates NBD Chairman, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, said, “The UAE continues to stand out as a resilient and burgeoning regional economic powerhouse with domestic consumption driving our economy. Ahead of Expo 2020, the UAE is laying the groundwork to create a stable and prosperous environment for citizens and residents through increased investment in infrastructure, with a focus on education, health and community welfare. Our diversified economy along with increased spend will continue to underpin broader economic growth in the coming years.

HH added, “This year, we delivered a solid set of financial results with net profit up 2% to AED 7.24 billion, supported by asset growth, a control on expenses and an improved cost of risk. The operating performance was helped by further recoveries from legacy impaired loans which offset lower non-interest income. Net interest income declined 1% as a contraction in margins more than offset asset growth.”

Key financial highlights for 2016 included:

Net profit of AED 7.24 billion, up 2% compared with the prior year
Total assets at AED 448.0 billion, up 10% compared with the prior year
Customer loans at AED 290.4 billion, up 7% compared with the prior year
Customer deposits at AED 310.8 billion, up 8% compared with the prior year
Tier 1 Capital Ratio, at a healthy 18.7%, grew on the back of retained profit

His Highness Sheikh Ahmed Bin Saeed Al Maktoum added, “Our commitment to innovation and customer experience underpinned our strong performance in 2016. We firmly established credentials as the regional leader in digital banking innovation when we launched several first to market digital innovations for our wholesale and retail customers, including the first pilot blockchain network for banking services. It was a proud moment for us when His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai inaugurated our futuristic branch at Jumeirah Emirates Towers, part of Dubai Future Foundation’s prestigious Museum of the Future. Through our collaboration with global innovation leaders to showcase the future of banking and payment technology, Emirates NBD demonstrated that the UAE continues to lead the region when it comes to business innovation and global best practice. As we begin a new financial year in a changing global and local environment, we remain focused on maintaining our position as the strongest bank in the UAE. Our customer-first ethos will continue to guide new initiatives as we deliver excellent products and services to customers, whilst increasing shareholder value.“

His Highness Sheikh Ahmed Bin Saeed Al Maktoum concluded, “In conclusion, I would like to offer my sincere appreciation to the Group’s Board of Directors, senior management, and employees for their relentless efforts and contributions to our performance in 2016. I also wish to thank all our customers and shareholders for their continuous support and trust.”

The following resolutions were passed at the AGM:

Approval of distribution of 40% Cash Dividend (40 fils per share) for the year ended 31 December 2016.
Review and approval of the Directors’ Report concerning the Group’s activities and financial statements for the year ended 31 December 2016 and ratification of the Board of Directors.
Approval of the Consolidated Statements of the Group for the financial year ended 31 December 2016.
Review and approval of the Auditors’ Report for the same period.
Ernst & Young were appointed as Auditors of the Group for the year 2017.

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