SHARJAH: The UAB General Assembly today held its annual meeting, chaired by Sheikh Faisal bin Sultan bin Salem Al Qasimi, Chairman of the Board of Directors, at the Bank’s headquarters in the Emirate of Sharjah. The meeting was attended by 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 31st December 2023 and the appointment of Ernst and Young to assume the role of external auditors of the Bank for the fiscal year 2024.

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peaking 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 AED255 million, representing a growth of 65 percent, driven by the 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.’

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

Source: Emirates News Agency