Commercial Bank of Dubai (CBD) announced that its board of directors and shareholders approved the ordinary and special resolutions during the Annual General Assembly (AGM) held at the Expo Dubai 2020 on 16 March 2022.
CBD was the first bank to host its AGM at Expo 2020 reflecting the Bank’s commitment to support the United Arab Emirates and all its initiatives, as well as celebrate the success of Expo 2020 and provide CBD’s shareholders with the opportunity to further explore the Expo pavilions and offerings.
To further celebrate the occasion, the Bank encouraged all its employees to visit Expo 2020 Dubai and marked the occasion as a CBD EXPO Day by giving employee half day-off and free tickets to the venue. A large number of employees used the opportunity to visit Expo along with their office colleagues and had a memorable time enjoying the various activities and events at Expo 2020.
During the AGM, the Board approved the distribution of 25.88% cash dividend for the year 2021, equivalent to 50% of net profit. Moreover, a review of the year ended 31 December 2021 was presented and the shareholders approved the Bank’s strategic plan, the External Auditor’s report, as well as the Bank’s Balance Sheet and Income Statement. The Board also approved the update of the Bank’s USD 3 Billion Euro Medium Term Note Programme.
H.E. Humaid Mohammad Al Qutami, Chairman of the Board said: “2021 proved to be another challenging and volatile period that has necessitated innovation, dexterity and above all else inspiring leadership. We can all be extremely proud of the manner in which the pandemic has been managed, positioning the country for a successful future. The successful hosting of Expo 2020 Dubai, reputedly one of the best editions ever, has further enhanced UAE’s stellar reputation, in hosting a major event to the highest international standards. With the participation of 192 countries, Expo 2020 Dubai has succeeded in mobilizing the world’s positive energies to confront the challenges imposed by the pandemic.”
He added: “Whilst the external environment was uncertain at times and business conditions mixed, I am delighted to announce that 2021 was another year of solid achievement at CBD. We delivered a record net profit of AED 1,451 million for the full year ended 31 December 2021. The Bank reached AED 114 billion in assets driven by strong growth in loans which increased 17.3 per cent compared to 2020. Customers’ deposits increased by 18.6 per cent to AED 82.7 billion and total shareholders’ equity increased by 4.7 per cent to AED 13.6 billion. Operating income for the year amounted to AED 3,183 million, an increase of 6.9 per cent, attributable to higher Net Interest Income (NII) and improved fee and commission income. The cost-to-income ratio remained market leading at 27.2 per cent.”
He concluded by saying: “As the world emerges from the pandemic, CBD remains well-positioned for further growth and success in the future. We will continue to create a high-quality banking experience with leading financial performance that increases shareholder value. I am confident that through the efforts of our board, management team, and staff, we will continue to exceed our goals and move CBD forward in the years ahead.”