The General Assembly of Bank of Sharjah approves the distribution of 10% cash dividend

Sheikh Mohamed Bin Saud Al Qasimi, Vice Chairman of the Board of Directors, welcomed the shareholders and thanked them for their presence. He added that 2012 inherited an ongoing economic malaise that has entangled developed nations in budget deficits and severe austerity measures, particularly in Europe. International political relations were marked by increased polarization set amidst a background of competing economic and national interests galvanized political alliances at the expense of global cooperation.

The UAE has performed exceptionally well in 2012 at all levels in spite of the difficult conditions in the region. The country has seen a modicum of recovery in business, induced by the expenditures of the Abu Dhabi Government and by a wave of optimism stemming from a sustained influx of job seekers and tourists, advances in international prominence, selective improvement in the property market, and the flow of landmark development projects across the various Emirates.

He declared that the year 2012 was a year of growth for the Bank with Total Assets crossing Dhs22.8bn, an increase of 9%; Total Liabilities reached Dhs18.7bn, up by 11%; Total Equity reached Dhs4.2bn, while the bank's Deposit Base increased to reach Dhs16.5bn, a growth of 10%. The Bank's net profits increased by 9% during 2012 to reach Dhs277m, against Dhs254m in 2011, and Total Profits available for distribution stood at Dhs546m.

He stated that during 2012 the Bank has restructured the Private Banking & Wealth Management Unit in Dubai Motor City, and signed in May 2012 a cooperation agreement with Commerzbank International - Luxembourg. The new Dubai Media City branch started operating in June 2012.

He also stressed that Philanthropy has always been at the heart of Bank of Sharjah since inception, supporting those in need within our community and beyond, has always been a clear objective. Our Corporate Social Responsibility programs often go far beyond what we report; being socially responsible and focusing on our local community is part of the Bank's culture.

He extended his appreciation to the Monetary Authorities of the UAE, especially the UAE Central Bank, the Securities and Commodities Authority; the Abu Dhabi Exchange and to all our Customers and local and foreign Correspondents.