AGM
Resolutions passed at AGM of Emirates NBD held on 25th March 2012
Emirates NBD Fifth Annual General Meeting & Extraordinary General Meeting
Emirates NBD (DFM: EmiratesNBD), the leading bank in the region, held its Fifth Annual General Meeting (AGM) at the Bank’s Headquarters.
At the AGM, Emirates NBD Chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum, presented a review of the twelve months ended 31st December 2011. Commenting on the economic environment, he said: “Against a turbulent and challenging global economic backdrop, the UAE economy has remained relatively strong and resilient. To a large extent, this was due to the wise policies implemented by the UAE government during this period and to a rise in oil production. However, the non-oil sector has also expanded as the UAE, and Dubai in particular, has re-asserted itself as a global and regional economic, trading and tourism hub while benefitting from a ‘safe economic haven’ status in the context of economic turmoil in the wider region. This was evidenced by good recovery during the year in the traditional trade, transportation and tourism sectors.”
His Highness Sheikh Ahmed bin Saeed Al Maktoum added: “Emirates NBD’s financial performance for 2011 reflects a positive and strong operational performance and demonstrates the strength and resilience of the Bank. We have taken a more conservative approach to strengthen the Bank’s position to meet the challenges reflected in the broader global financial markets and Emirates NBD is on course to realise its vision to be the leading and one of the largest and most successful banks in the region.”
Key financial highlights for 2011 included:
- Net profit for 2011 of AED 2.5 billion, up 6% compared with the prior year
- Earnings per Share for the year up 9% to AED 0.41
- Encouraging revenue trends during the year with total income up 2% versus 2010
- Capital adequacy ratio further strengthened to an extremely healthy level of 20.5%
The following resolutions were passed at the AGM:
- Approval of distribution of 20% Cash Dividend (20 fils per share) for the year ending 31st of December 2011.
- Review and approval of the Directors’ Report concerning the Company’s activities and financial status for the year ending 31st of December 2011 as well as Review and approval of the Auditors’ Report for the same period.
- Approval of the Consolidated Statements of the Company for the financial year ending 31st of December 2011.
- Ratification of the Board of Directors and approval of the Board of Directors remuneration.
- Approval under article 108 of the UAE Companies Law no. 8 of 1984 for the Directors to participate in activities relating to banking and financial business.
- The Board of Directors and the Auditors were absolved from responsibility for the year ending 31st of December 2011.
- KPMG was appointed as Auditors of the company for the year 2012.
