Emirates NBD's General Assembly Meeting Approves AED 6.3 Billion Cash Dividend For Shareholders

Emirates NBD convened its 18th General Assembly Meeting on 24 February 2025. During the meeting, the Group's performance for 2024 was reviewed. H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, remarked on Dubai and the UAE's achievements in 2024, highlighting their ambition and opportunities. The UAE solidified its status as a global hub for innovation and investment, with Dubai's GDP increasing by 3.2% to AED 443 billion.

H.H. Sheikh Ahmed bin Saeed Al Maktoum stated: "The story of Dubai and the UAE in 2024 is one of relentless ambition and boundless opportunity. Dubai and the UAE had another exceptional year, cementing their position among the leading global hubs for innovation, talent, and investment. Dubai’s GDP grew by 3.2% in 2024 to reach AED 443 billion, driven by the expansion of key sectors, including transport, hospitality, logistics, and financial services."

Emirates NBD played a crucial role in this economic growth as Dubai's largest bank and most profitable financial institution in the region. The bank supports the Dubai Economic Agenda D33, which aims to double Dubai's economy by 2033 and place it among the top three global cities. Emirates NBD is advancing this agenda through strategic initiatives focusing on innovation, financial inclusion, and sustainable growth.

The bank's commitment to sustainability was evident in its financial performance for 2024. It expanded its sustainable finance offerings with products like Sustainable Fixed Deposits and ESG-linked working-capital facilities across the region. Additionally, it introduced a Sustainability-Linked Loan Bond Framework aligned with International Capital Market Association guidelines.

H.H. Sheikh Ahmed bin Saeed noted: "Our landmark financial performance has been achieved in harmony with Emirates NBD’s longstanding commitment to responsibility and sustainability. In 2024, Emirates NBD expanded its sustainable finance offerings with innovative solutions, such as Sustainable Fixed Deposits and ESG-linked working-capital facilities for customers across the region. It also introduced the region’s first globally recognised Sustainability-Linked Loan Bond Framework."

The bank's ESG Forward Journey outlines plans to enhance sustainable finance governance and achieve net zero emissions for key sectors by reducing Scope 1 & 2 Greenhouse Gas emissions by 30% from the 2023 baseline by 2030. Emirates NBD also committed to providing USD 30 billion in sustainable finance and achieving a female representation of 25% in senior leadership roles by 2027.

Financial Highlights of 2024

In terms of financial performance for 2024, Emirates NBD reported a profit before tax increase of 15%, driven by significant loan growth, low-cost funding base, strong transaction volumes, and substantial recoveries. Profit after tax rose to AED 23 billion, marking a 7% increase compared to previous figures.

Total income reached AED 44.1 billion due to robust loan growth paired with an excellent stable funding mix at low cost. Loans grew by 10%, with AED 88 billion in new corporate lending resulting from regional network optimisation.

Record Profits for Emirates Islamic

The deposit mix remained strong with an increase of AED 82 billion in deposits during the year, including a rise of AED 48 billion in Current & Savings Accounts. Emirates Islamic achieved record profits of AED 2.8 billion due to exceptional customer financing growth of 31% in that year.

Earnings per share saw a significant rise of 7%, reaching a value of 356 fils in the year under review.

Resolutions Passed at General Assembly Meeting

The General Assembly Meeting approved several resolutions including cash dividends distribution for shareholders amounting to AED1 per ordinary share (100%), totalling AED6,316 million based on records as of close trading on March6th2025.

The assembly also endorsed reports from both board directors regarding activities alongside financial statements concluding December31stof last year.

With inputs from WAM