United Arab Bank Announces No Dividend Distribution In 2023 GA Meeting

The UAB General Assembly convened its annual meeting today, presided over by Sheikh Faisal bin Sultan bin Salem Al Qasimi, Chairman of the Board of Directors, at the Bank's headquarters in Sharjah. The gathering saw the presence of board members, shareholders, senior management, external auditors, and regulatory body representatives. The assembly's agenda covered a range of critical points, including financial statements approval and auditor appointments for the upcoming fiscal year.

One of the key outcomes of the meeting was the decision not to distribute dividends for 2023, a recommendation from the Board of Directors that was duly approved. Furthermore, the assembly gave its nod to all ordinary and extraordinary resolutions listed on the agenda. This included sanctioning the consolidated financial statements for the year ending on 31st December 2023 and appointing Ernst & Young as the external auditors for 2024.

In his address, Sheikh Faisal bin Sultan bin Salem Al Qasimi highlighted UAB's significant financial achievements over the past year. The bank reported a net profit of AED255 million, marking a 65 percent increase. This growth was attributed to strategic initiatives, enhanced operational performance, cost efficiency, risk management, and asset growth. Sheikh Faisal also extended gratitude to all stakeholders for their ongoing support.

Operational Excellence and Strategy

The success story of UAB is not just about numbers but also reflects its commitment to innovation and adaptability in facing challenges. The bank's strategic direction and operational discipline have been pivotal in achieving this remarkable growth. With a clear focus on risk management and cost efficiency, UAB has set a benchmark in the banking sector.

Future Outlook

As UAB moves forward, it continues to rely on its robust strategy and operational excellence to navigate future challenges. The appointment of Ernst & Young as external auditors signifies the bank's commitment to transparency and accountability. With a solid foundation and a clear vision, UAB is poised for continued success in the coming years.

The meeting was efficiently managed by ADX under the Registrar Services Agreement between both entities, ensuring a smooth process throughout. This annual assembly not only reflected on the past year's achievements but also set a positive tone for the future, with UAB demonstrating strong financial health and strategic acumen.

With inputs from WAM