Commercial Bank International holds Annual General Meeting
Tuesday, March 19, 2013
Shareholders approve 12% share dividend
Commercial Bank International (CBI), a growing United Arab Emirates (UAE) commercial bank, held its Annual General Meeting (AGM) on Sunday, 17th March 2013, in Ras Al Khaimah. The AGM, during which the financial activities and position of the bank were considered for the financial year, ending December 31st 2012, was chaired by Mohammed Sultan Al Qadi, Chairman of the Board of Directors.
CBI Ordinary General Assembly Meeting, 2013
A share dividend of 12% from the bank’s 2012 net profit of AED 251 million, up 287% from 2011, was approved by the shareholders and is subject to regulatory approval.
“The AED 251 million net profit achieved in 2012 is a clear signal of the resolve of our management team and staff to ensure our position goes from strength to strength into 2013 and beyond. Our strategic partnership with QNB Group is set to be a key factor in our future growth and prosperity,” said Mohammed Sultan Al Qadi, Chairman of the Board of Directors, CBI.
At the AGM, shareholders discussed, reviewed and approved the external auditor (Deloitte & Touché) report on CBI’s financial position for the financial year ended 31st December, 2012.
Also approved at the AGM, were directors’ remunerations, which were set in accordance to UAE Commercial Companies Law not to exceed 10% net profit after the deduction of the depreciation, the reserve fund and distribution of a dividend of not less than 5% of the capital to the shareholders.
Shareholders approved the re-appointment of Deloitte & Touché as CBI’s external auditors for the financial year ended 31st December 2013.