The positive outlook for UAE business activity and confidence is also sustained by robust domestic non-oil business activity. Image Credit: Supplied

Dubai: The board of directors of Commercial Bank of Dubai have elected Ahmad Abdulkarim Mohammad Julfar as its new Chairman, the bank announced in a DFM filing on Wednesday. Ahmad Abdulla Juma Binbyat has been elected deputy chairman of the Board of Directors.

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The board of directors have also appointed Dr Mohamed Abdulraheem Sultan Al Ulama, and Moosa Tariq Khoori as members of Internal Sharia Supervision Committee. Also, a third board member will be approved by next year’s AGM. The AGM also elected Dr Abdulla Mohamed Abdulrahman Al Karam, Abdulwahed Mohamed Sharif Asad Al Fahim, Ahmad Abdulla Juma Binbyat, Ahmad Abdulkarim Mohammad Julfar, and Ali Fardan Ali Al Fardan to be board members of the bank from 2024-2027.

Buti Saeed Mohamed Saeed Al Ghandi, Hadi Mohammad Taher Badr, Khalid Abdulwahid Hassan Al Rostamani, Sheikh Maktoum Bin Hasher Bin Maktoum Al Maktoum, Moza Omar Abdulla Hamad Al Futtaim, and Saod Mohamed Ibrahim Hamad Obaidalla have also been elected. The board have also decided to postpone the nomination of the board of directors committees chairmen and members.

The annual general meeting of its board of directors have also adopted the decision to distribute cash dividends at a rate of 50 per cent of the bank’s net profit for 2023, being 44.3 per cent of paid-up capital as of December 31, totalling Dh 1.32 billion.

The bank’s board of directors met on March 6 and also approved the last date for dividend entitlement, which is March 14, and the ex-dividend date, which is March 15, 2024.

The board of directors also decided that the directors’ remuneration would be Dh23 million.

Commercial Bank of Dubai witnessed a notable 45.2 per cent net profit surge in its 2023 results, reaching Dh 2.65 billion. Following this, the Board of Directors proposed the record cash dividend of 44.38 fils per share, marking a substantial 31.8 per cent increase.

The bank has reported that a notable increase in net profit was attributed to exceptional revenue contributions from net interest and other operating income bolstered by substantial loan growth. Higher market interest rates also influenced the uptick in revenue.

Chief Executive Officer Dr Bernd van Linder said, “CBD has accomplished an outstanding result attributable to excellent revenue growth and improved broad-based business performance.”

He added, “Overall, our net profit was Dh2.65 billion, well above the prior year on account of higher revenue and solid loan growth.”

Dr van Linder also said, “We remain focused on the disciplined execution of our strategy and remain well positioned to deliver on our strategic goals and achieve exceptional performance outcomes in 2024 and beyond.”