Emirates NBD PJSC

Emirates NBD reported a 67% surge in Q1 2024 profits to a record AED 6.7 billion, a 12% year-on-year increase. This was driven by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries. The bank's assets surpassed AED 900 billion, with strong performances in retail and corporate lending. Expansion in Saudi Arabia and digital capabilities also contributed to growth. Deposits increased by AED 26 billion, with AED 21 billion coming from low-cost Current and Savings Accounts. The bank also registered an impairment credit due to an improved economy. All business units performed well, boosting capital ratios and solidifying the bank's balance sheet.

The following text provides a summary of the condensed consolidated interim financial statements of Emirates NBD Bank (P.J.S.C.) for the three-month period ending on 31st March 2024.

The Corporate Governance Manual's clauses 1 & 2 of article 40 allow shareholders with the right to attend the General Assembly to delegate someone other than board members, company staff, or securities brokerage company employees to attend on their behalf. This delegation must be in writing, explicitly stating the delegate's right to attend the General Assembly and vote on its decisions. A delegate for multiple shareholders cannot hold more than 5% of the company's issued capital. Shareholders must sign the power of attorney, which must be approved by a Notary Public, the state's commercial chamber of economic department, a licensed bank or company in the state, or any other licensed entity. The proxy form should include the shareholder's name and contact number(s), as well as the brokerage firm or authority that approved the proxy.

The due Zakat for Emirates NBD shareholders for the year ended 31 December 2023 can be calculated using two methods. The first method is for shares purchased for trading, where the Zakat pool per share is the quoted value plus cash dividends. The Zakat per share is 2.5775% of the Zakat pool per share, with the net Zakat per share being the Zakat per share less the Zakat on reserves and retained earnings per share paid by the bank. The total Zakat payable is the number of shares multiplied by the net Zakat per share. The second method is for shares purchased for acquisition, where the shares' Zakat is 10% of the total shares' dividends for the year.