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Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, held its 14th General Assembly Meeting virtually and approved cash dividend of 40 per cent to shareholders.
Emirates NBD chairman Sheikh Ahmed Bin Saeed Al Maktoum said 2020 was an unprecedented year.
“We are grateful to the UAE government and leadership for their timely and decisive action to protect the health of UAE residents with clear, prescriptive and measured guidelines to safely re-open the economy during the year. The Central Bank of the UAE’s economic stimulus package, Targeted Economic Support Scheme, has been particularly instrumental in supporting banks and customers through these challenging times. I am proud that Emirates NBD played its part in supporting customers and the economy by providing financial assistance as well as actively participating in community initiatives,” he said.
He said Emirates NBD’s significant investment in digital and technology over the last few years allowed the Group to seamlessly adjust to this change in customer banking behaviour.
“With both the customer and the community at the core of our strategy, we aim to continue to pioneer strategic initiatives that deliver superior products and services, while increasing shareholder value”.
Key financial highlights for 2020 included:
> Total income of Dh23.2 billion improved 4% y-o-y on loan growth, including DenizBank
> Net profit of Dh7 billion declined 52% y-o-y on higher provisions and gain from sale of Network International shares not repeated in 2020. Excluding the Network International gain in 2019, net profit was down 31% y-o-y
> Total assets at Dh698 billion, up 2% from 2019
> Customer loans at Dh444 billion, up 1% from 2019
> Customer deposits at Dh464 billion, down 2% from 2019
> Common equity tier 1 ratio of 15%
— business@khaleejtimes.com
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