The AGM was held on April 10, 2004 at the Beach Rotana Hotel during which the bank also announced its financial results for the year 2003.
ADCB’s planned series of strategic business initiatives undertaken in 2003 proved instrumental in maintaining strong distribution of shareholder dividends.
Commenting on the bank’s strategy over 2003, Fadhel Saeed Al Darmaki, Chairman of the Board for ADCB stated: “Over the course of 2003 we focused on the difficult task of rebuilding the foundations upon which we can construct sustainable success. Throughout the bank, from the Board to our staff across the counter in the branches, we are creating a new and powerful dynamic. We are becoming more efficient, more competitive and getting closer than ever to our corporate, private and retail customers. The goal we are aiming for: unique customer relationships that yield loyalty over generations and match perfectly the needs of people, enterprises and institutions banking in our market.”
During the AGM, ADCB announced a net profit of AED 405 million for the year 2003. The Bank’s total assets rose to AED 28,751 million and loans and advances to AED 19,271 million during 2003, increases of 4% and 11% respectively. The refocused strategy registered an increase of 6% in customer deposits.
The initiatives embarked upon during 2003 are an indication of where ADCB is headed. Mr. Al Darmaki concluded: “ADCB has always begun with doing the important things really well. I am confident that the sustained momentum we gathered as a team in 2003 will provide the push needed to forge ahead in 2004.”
In 2004 ADCB expects to return to a more profitable, revitalized and strengthened organisation for the years to come.
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