The General Assembly of Bank of Sharjah, in its meeting No. 40 held on 15/3/2014, approved the distribution of 9.116% cash dividend and 60 million shares from the treasury shares worth close to AED 135 million representing a 6.9% return on the outstanding shares.
Mr. Ahmed Al Noman, Chairman of the Board of Directors, welcomed the shareholders and thanked them for their presence. He extended his appreciation to the Monetary Authorities of the UAE, especially the UAE Central Bank, the Securities and Commodities Authority; the Abu Dhabi Exchange and to all our customers and local and foreign correspondents.
In his speech Mr. Noman stated that, during 2013 the world economy has witnessed remarkable growth in general and in particular the US economy, which in turn left its positive impact on the international financial markets.
As for the UAE, the country has performed exceptionally well at all levels despite the difficult conditions in the region. The country has witnessed economic prosperity across all the sectors induced by a wave of optimism underpinned by the improvement in the international economy and Dubai winning the organization of the Expo 2020 activities. All this positively impacted the job market, the tourism sector, and the property market with the announcement of a number of new development projects.
He added that the year 2013, was a year of growth for the Bank with Total Assets crossing AED 24,973 billion, an increase of 9%; Total Liabilities reached AED 20, 6 billion up by 11%; Total Equity reached AED 4,3 billion, an increase of 4%, while Deposit Base grew by 12% to reach AED 18,374 billion.
Mr. Nerguizian declared that due to the confidence of the shareholders, clients and correspondents, the Bank’s net profit increased by 27% during 2013 to reach AED 353 million against AED 277 million in 2012, while total comprehensive income increased by 59% to reach AED 433 million. Whereas, total profit available for distribution stood at AED 621 million up by 14%.
He also stressed that Philanthropy has always been at the heart of Bank of Sharjah since inception, supporting those in need within our community and beyond, has always been a clear objective. Our Corporate Social Responsibility programs often go far beyond what we report; being socially responsible and focusing on our local community is part of the Bank’s culture.
The Shareholders approved the reports of the external auditors, board of directors’ report and the consolidated financial statements, and elected a new board for the next three years.