Emirates NBD approves cash dividend of 40%

Emirates NBD is looking forward to showcasing its many innovations in smart technology and digital banking during 2020

  
A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

Emirates NBD recently held its 13th general assembly meeting at the bank's headquarters, where a review of the year ended December 31, 2019 was presented.

Commenting on the business environment, Emirates NBD Chairman, Sheikh Ahmed Bin Saeed Al Maktoum, said: "As we begin a new decade and enter the highly anticipated year of 2020, we at Emirates NBD are eager to continue supporting the UAE's growth story and helping realise the ambitious dreams of this great nation and its wise leadership."

He added: "Emirates NBD celebrated many important milestones in 2019, including welcoming DenizBank to the Emirates NBD family, thus extending our footprint in the MENAT region. We raised the foreign ownership limit from 5 per cent to 20 per cent and we also offered our valued shareholders an exceptional opportunity to participate in a Rights Issue of Dh6.45 billion. We announced a record annual net profit of Dh14.5 billion for 2019 helped by the partial disposal of a stake in Network International and have a strong balance sheet supporting a diversified business model."

Al Maktoum added that 2020 will see the kick-off of the much-awaited Expo 2020 Dubai, and as Official Banking Partner, Emirates NBD is looking forward to showcasing its many innovations in smart technology and digital banking through its site-wide presence as the "Bank of the Future" at the event.

The following resolutions were passed at the General Assembly Meeting: Review and approval of the Directors' Report for the year ending December 31, 2019; Review and approval of the Auditors' Report for the year 2019; Review and approval of the Consolidated Financial Statements of the Bank for the year 2019; Appointment of Internal Sharia Control Committee members; Approval of distribution of 40 per cent Cash Dividend (40 fils per share) aggregating to an amount of Dh2.52 billion for the year ended December 31, 2019; Approval of the Board of Directors' remuneration; Absolving the Board of Directors from their responsibility for the year 2019; Absolving the Auditors from their responsibility for the year 2019; Approval of suspension of transfer to legal and statutory reserves which now equals 50 per cent of the share capital and regular reserve which now equals 10 per cent of the share capital; Deloitte & Touche were appointed as Auditors of the Group for the year 2020.

- business@khaleejtimes.com

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