19 March 2007
ADCB's AGM Approves Cash Dividends of AED 1.21 at the Rate of 60% of its Net Profits for 2006
ADCB held yesterday, Sunday March 18th, 2007 its Annual General meeting followed by an Extraordinary General Meeting in its new head office building in Abu Dhabi.
The meeting chaired by H.E Saeed Mubarak Al Hajeri, chairman of the Board of Directors, approved the Boardís proposal to distribute 60% of the Bankís net profits realized in 2006 at the rate of 30.25 fils with a total of AED 1.21 billion.
The Annual General Meeting approved the Board of Directors report on the bank activities and financial statement for the year ended 31/12/2006 and the Auditorís report for the year ended 31/12/2006.
The Annual General Meeting also decided to absolve the Board members from responsibility for the work during the year ended 31/12/2006 and determine the Board members remuneration for the same year, then moved to absolve the External Auditors from responsibility for the work during the year ended 31/12/2006. The attendees appointed the external auditors for the year 2007 and determined their fees for the same year.
The Extraordinary General Meeting approved the transfer of Abu Dhabi Investment Authorityís 64.84% shareholding in the Bank to Abu Dhabi Investment Council. And to amend the Bankís Articles of Association of the Bank by deleting all references to Abu Dhabi Investment Authority and substituting therefore in each case reference to Abu Dhabi Investment Council.
It is noteworthy to point out ADCB's exceptional results for the year 2006 where operating profit in 2006 has risen to AED 3.1 billion, a 16 per cent increase over 2005. Total Assets also increased by 41 per cent from AED 57.7 billion to AED 81.1 billion. Loans and advances lead the balance sheet expansion, rising by 48 per cent to AED 62.4 billion.
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