UAB okays 15% cash dividend

Dubai: The general assembly of the shareholders of United Arab Bank (UAB) approved during its annual general meeting held Wednesday in Sharjah the proposal by the board of directors regarding the appropriation of profits for 2009 by distributing a cash dividend equal to 15 per cent of the paid-up capital.

The UAB board of directors had initially proposed a 22 per cent cash dividend.

Restriction

That was subsequently reduced to 15 per cent due to a recent Central Bank regulation that restricts all local banks' cash dividend allocations to a maximum of 50 per cent of the net profits.

The meeting also approved the directors' report to the shareholders for 2009.

It also discussed and approved the audited financial statements for 2009, considered and approved the recommendations of the board regarding the appropriation of profits for 2009, and among other things appointed Ernst & Young as auditors for 2010 and fixed their remuneration.