CBD elects Julfar as its new chairman
AGM approves distribution of cash dividends at 50% of net profit
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.
The board of directors have also appointed Dr Mohammad 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 Mohammad Abdulrahman Al Karam, Abdulwahed Mohammad 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 Mohammad Saeed Al Ghandi, Hadi Mohammad Taher Badr, Khalid Abdulwahid Hassan Al Rostamani, Shaikh Maktoum Bin Hasher Bin Maktoum Al Maktoum, Moza Omar Abdulla Hamad Al Futtaim, and Saod Mohammad Ibrahim Hamad Obaidalla have also been elected. The board has also decided to postpone the nomination of the board of directors committees chairmen and members.
The annual general meeting of its board of directors has 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 Dh1.32 billion.
Net profit up 45 per cent
The bank’s board met on March 6 and approved the last date for dividend entitlement, which is March 14, and the ex-dividend date, which is March 15, 2024. 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 Dh2.65 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.