Abu Dhabi / Emirates Business
Led by its Chairman HE Khalid Mohammed Salem Balama, the Board of Directors of Emirates Development Bank (EDB) has concluded its second meeting of 2016. The meeting at the Bank’s headquarters in Abu Dhabi discussed numerous agenda items, ratified the previous meeting’s minutes, and assessed the actions taken by management on the implementation of resolutions and recommendations.
The Board approved the financial statements for the three years ending December 31, 2015, during which time it increase the size of its assets by 50% to reach AED6.9 billion. In the same three-year period, bank deposits grew by AED 1.6 billion, and by 41%, to reach AED 5.5 billion at the end of 2015.
The bank also achieved net growth worth of 33% to reach AED 3.2 billion as of December 31, 2015, and recorded a net profit of AED 350 million for the three-year period from 2012 to 2015. During the same period, EDB also increased its Emiratisation rate from 34% at the end of 2012 to 52% at the end of 2015.
The Board also adopted the third annual report of EDB’s Board of Directors for 2015 in accordance with the decision of Council of Ministers No 29 year 2011 in regards, of governance in organisations, institutions, non-profits and profitable businesses owned by the Federal Government.
During the meeting, HE Dr Ahmed Bin Abdulla Belhoul Al Falasi, Minister of State for Higher Education Affairs, was handed an honorary trophy by the Chairman of EDB in recognition for his contribution to the Bank’s success. HE Khalid Mohammed Salem Balama and the board members have expressed their appreciation to HE Dr. Ahmed and Dr. Saeed Abdullah Al Mutawa, Member of the Federal National Council, for their constant efforts to launch the operations of EDB through the meetings of the Board of Directors and its committees,
wishing them continued success.