| Chairman’s Speech to the General Assembly 2007 |
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Dear Shareholders,
On behalf of the Board of Directors, I have the pleasure of welcoming you to the 34th Ordinary General Assembly meeting of Bank of Sharjah.
I seize the opportunity of this occasion to extend on your behalf and on behalf of the Board Members our sincere gratitude to the President HH Sheikh Khalifa bin Zayed Al Nahyan, the Vice President HH Sheikh Mohamad bin Rashed Al Maktoum, HH Doctor Sheikh Sultan bin Mohamed Al Qassimi, Ruler of Sharjah and to their brothers, their Highnesses the Rulers, Members of the Supreme Council for their leadership.
The UAE witnessed a major development initiatives and economic achievements throughout the various Emirates and across all sectors, putting into evidence the wise vision and the fine leadership of their Highnesses the Rulers.
Dear Shareholders,
2007 was in no way different nor better than the previous years, as the Arab World remained plunged in political bottlenecks, the persistent crisis over the Iranian nuclear file, and the return to the cold war between the world’s superpowers.
2007 was particularly earmarked for the spectacular rise in oil prices as it touched for the first time ever the $100 per barrel. The huge increase in oil prices and the abrupt depreciation of the US Dollar has directly impacted the economies of the GCC countries, resulting inflationary pressures and expectations to revalue their currencies.
The global credit crunch caused by the subprime debacle in the US mortgage markets, had its far-reaching consequences on the private sectors, financial markets and the global economic growth, and sovereign funds of the region were invited to support major financial institutions.
I am pleased to inform you that Bank of Sharjah registered excellent results for the year 2007 in terms of profitability and growth in the various items of the Balance Sheet in spite of the unfavorable environment in the local and regional financial markets.
The Bank realized net profits of AED. 404 million plus an increase of AED. 56 million due to cumulative change in fair value of investments, thus achieving an effective profitability of AED. 460 million for the financial year ending 31st December 2007, representing a net progression of 22% compared to the effective profits of last year of AED. 378 Million, and a growth of 26% compared with the net profits of 2006 of AED. 320 million, confirming once more our prominent position among the Sharjah based banks.
In light of these important results, I am pleased to advise you that the Board of Directors submits for your kind approval the distribution of cash dividends of AED. 312.5 Million; representing 25% of the capital.
Dear Shareholders,
I wish to present our sincere gratitude to HH Doctor Sheikh Sultan bin Mohamed Al Qassimi, Ruler of Sharjah, our Honorary Chairman, for his continued patronage.
I would also like to express our appreciation to the Monetary Authorities of the UAE notably the Ministry of Economy, the UAE Central Bank and the Securities and Commodities Authority; and to our Customers and Correspondents.
I also wish to thank the Management and Staff of the Bank for their services and devotion.
Finally, I have the honor to submit to you the Board of Directors report for the year 2007.
Ahmed Abdulla Al Noman
Chairman |
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