ADCB's 25th Annual General Assembly

30 March 2010

Abu Dhabi, 30th March 2010: ADCB held its Annual General Assembly followed by an Extraordinary General Assembly in its head office building in Abu Dhabi. Both meetings were chaired by H.E Eissa Al Suwaidi, Chairman of the Board of Directors in presence of Board Members, Executive Management team and a number of the shareholders.

The Annual General Assembly absolved the Board Members from responsibility for their work during 2009. The Board Members discussed and approved the Board of Directors Report on the Banks' activities and its financial position for the year ended December 31st, 2009, and then moved to absolve the External Auditors from responsibility for their work during 2009. The attendees approved the reappointment of Deloitte and Touche the external auditors for the year 2010 and authorised the Board of Directors to determine their fees for the same year.

H.E Eissa Al Suwaidi Chairman of ADCB said: "2009 witnessed intensified efforts by the Bank to increase the number of UAE nationals in key positions of its organization. As a result, national staff were entrusted with leading responsibilities in various banking areas. Our endeavours proved successful as reflected in the increase of UAE national manpower to reach 34.08%.

H.E. Al Suwaidi added that "Our strategies focused on improving service quality and enhancing customers' satisfaction. In addition, we strengthened our internal governance standards throughout the Bank which we believe will provide a competitive edge on both local and regional levels. Our efforts were recognized by the official authorities on the highest level as the Bank was awarded the Sheikh Khalifa Excellence Award (SKEA) Silver class category for the finance sector in affirmation of our commitment to providing our customers with the best products backed up by superior service through a system of best practice international standards and in recognition of ADCB's active and effective role in the achievement of economic and social sustainable development within the framework of the wise policy of UAE government under the leadership of H. H. Sheikh Khalifa Bin Zayed Al Nahyan."

In 2009, ADCB endeavoured to support and augment Corporate Governance Standards on all levels. The Bank's efforts in this field culminated in the recognition of ADCB as "the Best Bank in the UAE and the second best Bank in GCC" by Hawkamah institute.
This prestigious award confirms that the Bank implements the best international corporate governance standards. This award also proves that Profitability is but one important measure of success, and other measures of success are rapidly being given priority, such as quality, transparency and commitment.

ADCB has recently received many international awards and accolades such as the Best Retail Bank in the UAE form Asian Banker for the third year in a row and the Best Retail Bank in the GCC for the second consecutive year."

Whilst ADCB made big provisions and reserves causing the impairment allowance to be doubled to AED 4.2billion during the year from AED 2.0billion in the last year, the results of its core operations witnessed a significant growth of 41% in 2009 compared to 2008. The total assets increased by 8%. Customer deposit grew by 11% while net loans and advances reflected a growth of 7%. Net interest income also witnessed a strong growth of 32% and net interest margin increased by 25bps. ADCB also maintained strong capital base reflecting capital adequacy ratio 17.4% exceeding the UAE Central Bank minimum capital adequacy requirement which stand currently at 11%.