Emirates NBD Marks Significant Achievements In Its 17th General Assembly Meeting

At the 17th General Assembly Meeting of Emirates NBD, Chairman Sheikh Ahmed bin Saeed Al Maktoum reviewed the bank's impressive performance in 2023, marking a significant milestone in its 60-year history. The meeting underscored the bank's pivotal role in Dubai's financial landscape and its innovative strides in the banking sector.

The year 2023 was notable for Emirates NBD, with a net profit of AED21.5 billion, reflecting a 65% increase from the previous year. The total income reached AED43 billion, supported by robust asset and loan growth. The bank also experienced a substantial increase in deposits, with AED82 billion added over the year. Notably, the net interest margin improved to 3.95%, and impairment allowances saw a 33% decrease due to strong recoveries, leading to a 68% increase in earnings per share to 332 fils.

Sheikh Ahmed extended his gratitude to UAE leaders Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum for their visionary leadership. He also highlighted Emirates NBD's commitment to sustainability, notably its role as the Principal Banking Partner for COP28 and its initiatives in carbon trading. The bank's dedication to gender equality was emphasized, with women constituting 40% of its workforce and a target set for women to occupy 25% of senior management positions by 2027.

Resolutions and Future Outlook

The General Assembly Meeting saw the passage of several key resolutions, including the approval of the board’s report on the bank’s activities and financial statements for 2023, the appointment of an external auditor for 2024, and the distribution of cash dividends to shareholders. Additionally, proposals for issuing non-convertible securities were approved, enabling the bank to issue debt instruments and manage liabilities effectively.

In his concluding remarks, Sheikh Ahmed thanked the board of directors, senior leadership team, and all employees for their unwavering dedication to Emirates NBD's success. He expressed confidence in the bank's future prospects and its ongoing commitment to serving its stakeholders.

This assembly meeting not only highlighted Emirates NBD's financial achievements but also underscored its role as a leader in sustainability and gender equality within the banking sector. With a solid foundation built over six decades and a clear vision for the future, Emirates NBD continues to be at the forefront of innovation and growth in Dubai's dynamic financial landscape.

With inputs from WAM