Emirates NBD to pay 25% cash dividend for 2012

Emirates NBD  held its sixth annual general meeting (AGM) at the bank's headquarters .

At the AGM, Emirates NBD Chairman, Sheikh Ahmed bin Saeed Al Maktoum, presented a review of the year ended 31st December 2012.

Commenting on the economic environment, he said: "The UAE has once again emerged as a leader, with an economy that proved to be strong and resilient in spite of the challenges that continue to arise from the global economic pressures. The growth in the UAE has been possible due to the wise and visionary leadership of the UAE government, which has introduced several measures that have aided in boosting the economy to perform as well as in the previous years. The non-oil sector has improved in the past year, allowing the UAE to remain well-positioned to profit from the trading and tourism sectors."

The following resolutions were passed at the AGM

1. Approval of distribution of 25% Cash Dividend (25 fils per share) for the year ended December 31, 2012.

2. Review and approval of the Directors' Report concerning the Group's activities and financial status for the year ended 31st of December 2012 as well as Review and approval of the Auditors' Report for the same period.

3. Approval of the Consolidated Statements of the Group for the financial year ended 31st of December 2012.

4. Ratification of the Board of Directors.

5. Ernst &'Young were appointed as auditors of the group for the year 2013.

6. Following the AGM, an EGM was held where Article 19 (A) of the Articles of Association was amended to determine the number of members of the Board of Directors.

Sheikh Ahmed bin Saeed Al Maktoum added: "Emirates NBD's results for 2012 reflect a very positive operational performance and demonstrate the bank's strength in solidifying its position as a leading financial institution in the region. Moreover, the UAE and Dubai in particular, have shown resilience and solid growth during the year and Emirates NBD is well-placed to continue to capitalise on this improving economic backdrop. The bank had adopted a conservative approach during 2012, and it will continue to do so in the coming year."

 Key financial highlights for 2012 included: Net profit for 2012 of Dh2.6 billion, up 3% compared with the prior year Earnings per Share for the year Dh0.41; Encouraging revenue trends during the year with total income at Dh 10.2 billion, up 3% versus 2011; Capital adequacy ratio further strengthened to an extremely healthy level of 20.6%.



 

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