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Emirates NBD (DFM: EmiratesNBD), a leading banking group in the region, held its eleventh General Assembly Meeting at the Bank’s Headquarters.
At the General Assembly Meeting, a review of the year ended 31 December 2017 was presented. Commenting on the business environment, Emirates NBD Chairman, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, said, “The UAE economy and the banking sector in particular performed well in 2017 in spite of a challenging regional and global environment. The UAE economy is estimated to have grown by 2.0% in 2017 and market sentiment and outlook are positive as we anticipate overall growth to accelerate to 3.4% in 2018. With two years to EXPO 2020 Dubai, the pace of development has quickened with a focus on projects and transport infrastructure. As the event’s Official Banking Partner, Emirates NBD has started preparing the ground work to ensure that banking services are at the forefront of innovation at Expo 2020 Dubai.”
His Highness added, “We announced a record annual net profit for 2017. The Group’s balance sheet continued to strengthen, with further improvements in capital and liquidity and a stable credit quality profile. We are confident that our prudent business model shall continue to deliver a solid performance and deal with opportunities and challenges that will present themselves. Customer and community remain at the heart of our growth strategy and we continue to invest in strategic initiatives that will help us deliver excellent products and services, whilst increasing shareholder value.”
Key financial highlights for 2017 included:
His Highness Sheikh Ahmed Bin Saeed Al Maktoum added, “Going forward, the Group remains well positioned to continue to utilise our strong franchise and balance sheet to take advantage of growth opportunities in our preferred markets. We recently opened our first branch in Mumbai, India and look forward to organic expansion in Egypt and the Kingdom of Saudi Arabia, with new branches in Jeddah, Khobar and Riyadh. We continue to explore opportunities within the MENAT region that fit our criteria.”
His Highness Sheikh Ahmed Bin Saeed Al Maktoum concluded, “Finally, I would like to thank Emirates NBD Group’s Board of Directors, members of the Executive Committee and employees for their continuous contribution and efforts towards our success in 2017. I also wish to thank our customers and shareholders for their continued support and trust.”
The following resolutions were passed at the General Assembly Meeting:
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