Emirates NBD chairman hails performance of UAE's banking sector despite 'challenging environment'
Dubai's biggest bank, Emirates NBD, has approved a cash dividend for shareholders of 40 percent amounting to more than AED2.2 billion ($600 million) for 2017.
At the bank's general assembly meeting, Emirates NBD chairman, 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 percent in 2017 and market sentiment and outlook are positive as we anticipate overall growth to accelerate to 3.4 percent in 2018," he said in a statement.
"With two years to Expo 2020 Dubai, the pace of development has quickened with a focus on projects and transport infrastructure," he added.
"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.”
Key financial highlights for 2017 included net profit of AED8.35 billion, up 15 percent compared with the prior year and total income of AED15.5 billion, up 5 percent while total assets stood at AED470.4 billion, also up 5 percent.
Sheikh Ahmed said that following the opening of the bank's first branch in Mumbai, India, it continues to explore opportunities for further overseas expansion.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.