Emirates NBD clears 40% cash dividend

Dubai - Customer-first ethos, excellent products to drive bank to further success

The annual general meeting of Emirates NBD, a leading bank in the region, on Sunday approved the distribution of 40 per cent cash dividend, or 40 fils per share, for 2016.
The bank, which declared a net profit of Dh7.24 billion for 2016, up two per cent compared with the prior year, said its operating performance was helped by further recoveries from legacy impaired loans which offset lower non-interest income.
Emirates NBD Chairman Sheikh Ahmed bin Saeed Al Maktoum, said the UAE continues to stand out as a resilient and burgeoning regional economic powerhouse with domestic consumption driving our economy.
"Ahead of Expo 2020, the UAE is laying the groundwork to create a stable and prosperous environment for citizens and residents through increased investment in infrastructure, with a focus on education, health and community welfare. Our diversified economy along with increased spend will continue to underpin broader economic growth in the coming years," said Sheikh Ahmed, who is also President of the Dubai Civil Aviation Authority, Chairman of Emirates airline and Chief Executive of the Emirates Group.
"This year, we delivered a solid set of financial results with net profit up two per cent to Dh7.24 billion, supported by asset growth, a control on expenses and an improved cost of risk. Net interest income declined one per cent as a contraction in margins more than offset asset growth."
He said the bank's commitment to innovation and customer experience underpinned its strong performance in 2016.
"We firmly established credentials as the regional leader in digital banking innovation when we launched several first to market digital innovations for our wholesale and retail customers, including the first pilot blockchain network for banking services," he added.
"It was a proud moment for us when His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurated our futuristic branch at Jumeirah Emirates Towers, part of Dubai Future Foundation's prestigious Museum of the Future. Through our collaboration with global innovation leaders to showcase the future of banking and payment technology, Emirates NBD demonstrated that the UAE continues to lead the region when it comes to business innovation and global best practice," he said.
Sheikh Ahmed said as the bank begins a new financial year in a changing global and local environment, it remained focused on maintaining its position as the strongest bank in the UAE. "Our customer-first ethos will continue to guide new initiatives as we deliver excellent products and services to customers, whilst increasing shareholder value."
- issacjohn@khaleejtimes.com