UAE: - The UAB General Assembly held its annual meeting at the Bank's headquarters in the Emirate of Sharjah on March 6, 2024, chaired by His Excellency Sheikh Faisal bin Sultan bin Salem Al Qasimi, Chairman of the Board of Directors, in the presence of members of the Board of Directors and shareholders, as well as a number of members of the Bank's senior management team, and with the participation of the external auditors and representatives of regulatory bodies.

During the meeting, the General Assembly discussed and approved all the items on the agenda of the meeting, including the recommendation of the Board of Directors not to distribute dividends, whether in cash or bonus shares, for the year 2023.

The Assembly also ratified all ordinary and extraordinary resolutions on the meeting agenda, including the approval of the consolidated financial statements for the fiscal year ended 31 December 2023 and the appointment of Ernst & Young to assume the role of external auditors of the Bank for the fiscal year 2024.

Speaking at the meeting Sheikh Faisal bin Sultan bin Salem Al Qasimi, Chairman of UAB, said: “UAB has recorded another year of remarkable growth in net profits. The Bank has delivered a net profit of AED 255, representing a growth of 65%, driven by relentless and disciplined execution of the new strategy, improved operational performance, efficient cost management, prudent risk management and significant growth in assets. The Bank has demonstrated its will to innovation and flexibility in dealing with challenges. I take this opportunity, to express our deep gratitude for your continued support to UAB over the past years.”

He also extended his thanks and gratitude to the Central Bank of the United Arab Emirates and all regulatory bodies for their valuable support, and expressed his thankfulness to the Government of the United Arab Emirates for its continuous guidance through the path towards development and prosperity.

ADX managed the meeting under the Registrar Services Agreement concluded between the two parties.

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