Emirates NBD held its ninth Annual General Meeting (AGM) on Monday. At the AGM, Emirates NBD Chairman, Shaikh Ahmad Bin Saeed Al Maktoum, provided an evaluation of the year ended December 31 2015.

"The UAE private sector economy has stayed durable in 2015, and with new projects being planned, from theme parks, hotels and facilities in the run up to Expo 2020, we can anticipate additional healthy growth. The visionary management of the UAE government has actually presented and carried out numerous initiatives, which will make sure sustainable growth in the UAE and reinforce its position as a significant financial power in the area. In addition, our sensible and responsive financial policy will hold us in great stead for continued growth and development," Shaikh Ahmad stated.

Last month Emirates NBD had actually reported a net profit of Dh7.1 billion for 2015, up 39 per-cent compared to 2014.

Shaik Ahmad said Emirates NBD has an extremely positive outlook for the year ahead, backed by strong possession development, an increase in income, control on costs and a substantial enhancement in the cost of threat, all contributing strong operating efficiency.

"Despite a more difficult year for local liquidity, the bank's balance sheet continues to be strong due to additional enhancements in credit quality, strong structural liquidity and robust capital ratios," he said.

The AGM of the bank passed resolutions including aproval of distribution of 40 per cent cash dividend (40 fils per share) for the year ended December 31, 2015; evaluation and approval of the directors' credit report worrying the group's activities and financial declarations for the year ended December 31, 2015 in addition to review and approval of the auditors' file for the very same duration; approval of the consolidated statements of the Group for the fiscal year ended December 31, 2015.

Ernst & Young were appointed as Auditors of the Group for the year 2016. The AGM likewise elected the board of directors.

Shaikh Ahmad, in his capacity as Chairman of the bank said, Emirates NBD has made significant strides in all company sectors such as retail banking and wealth management, wholesale banking and international markets and treasury and the bank will continue to purchase brand-new tecnology to enhance products, procedures and customer experience.