Emirates NBD Holds its Eleventh General Assembly Meeting

4 Min | 27 March 2018

Emirates NBD (DFM: EmiratesNBD), a leading banking group in the region, held its eleventh General Assembly Meeting at the Bank's Headquarters.

Dubai, 27 March 2018

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:

Net profit of AED 8.35 billion, up 15% compared with the prior year
Total income of 15.5 billion, up 5% compared with the prior year
Total assets at AED 470.4 billion, up 5% compared with the prior year
Customer loans at AED 304.1 billion, up 5% compared with the prior year
Customer deposits at AED 326.5 billion, up 5% compared with the prior year
Tier 1 Capital Ratio increased to 19.5% and Capital Adequacy Ratio advanced to 21.9% with retained earnings

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:

Review and approval of the Directors’ Report for the year ending 31 December 2017
Review and approval of the Auditors’ Report for the year ending 31 December 2017
Review and approval of the Consolidated Financial Statements of the Bank for the year ending 31 December 2017
Approval of distribution of 40% Cash Dividend (40 fils per share) aggregating to an amount of AED 2,223,109,890 for the year ended 31 December 2017
Review and approval of the Board of Directors’ remuneration
Absolving the Board of Directors from their responsibility for the year ending 31 December 2017
Absolving the Auditors from their responsibility for the year ending 31 December 2017
Ernst & Young were appointed as Auditors of the Group for the year 2018

Special resolutions:

Approval of Directors’ Proposals with respect to non-convertible securities to be issued by the Bank subject to obtain the necessary approvals from the relevant regulatory authorities, as detailed below:

(a) undertake any updates of:

the Emirates NBD Bank P.J.S.C. and Emirates NBD Global Funding Limited U.S.$12,500,000,000 euro medium term note programme (the "EMTN Programme");
the Emirates NBD Global Funding Limited U.S.$1,000,000,000 structured note programme (the "Structured Note Programme"); and/or
the Emirates NBD Bank P.J.S.C. AUD1,500,000,000 debt issuance programme (the "Australian Dollar Programme", and together with the EMTN Programme and the Structured Note Programme, the "Existing Programmes");

(b) issue debt instruments under any of the Programmes from time to time

Approval of the amendment and replacement of Article 6(A) of the memorandum and articles of association of the Bank as set out below, subject to obtaining any necessary approvals from relevant regulatory authorities:
"The participation or contribution of nationals of the United Arab Emirates at any time during the existence of the Company shall not be less than eighty per cent (80%) of the share capital of the Company. The expression "nationals" shall include natural persons as well as firm partnerships and bodies corporate which are wholly owned by nationals of the United Arab Emirates."
Approval of the increase of the Bank's share capital by an amount of up to AED 7,350,000,000 (Seven Billion and Three Hundred and Fifty Million Dirhams) through the issuance of new shares (nominal value of AED 1 (One Dirham)) for a subscription price per share at no less than 10% discount to the prevailing market price at the relevant time and based on pricing methodology applicable under law, with shareholders in the Bank having priority to subscribe for the new shares in proportion to their respective holding at the relevant time, subject to the Bank obtaining all necessary steps to implement this increase in share capital within the aforementioned limits.”

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