12 billion dirhams proposed distributions of 3 banks listed in “Dubai Financial”

A monitoring prepared by «Emirates Today» based on the disclosure of the Dubai Financial Market, that the total value of the cash distributions proposed by three banks listed in the Dubai Financial Market is about 12.06 billion dirhams, after it announced its financial results for the year 2024 until the end of last Friday’s session, which confirms The strength of the national economy, and the standard performance of the banking sector in the country during the past year.

According to the monitoring, the proposed distributions of the three banks come in the forefront of which are “Emirates NBD” with about 6.317 billion dirhams, followed by “Al -Mashreq Bank” with a value of 4.232 billion dirhams, and “Dubai Commercial Bank” with more than 1.51 billion dirhams.

In detail, Emirates NBD announced that the General Assembly will discuss the proposal of the Board of Directors regarding the distribution of cash dividends for the year ending December 31, 2024, with a value of a dirham for each ordinary share (100% of the capital), equivalent to a total of 6.317 billion dirhams, February 24th.
The Emirates NBD was growing in the net profit of 7% to 23 billion dirhams. The total income of the bank increased during the year 2024, exceeding the barrier of 44 billion dirhams.

The loans to the bank grew by 10% in 2024, as the volume of new loans provided to companies reached 88 billion dirhams, while individuals ’loans increased by 30%, as a result of the rapid growth of distinguished and private banking services.
While the Board of Directors of the “Mashreq Bank” recommended distributing cash profits to shareholders at 211% of the capital for the year 2024 (equivalent to 21.1 dirhams per share with a total of 4.232 billion dirhams).

The Mashreq Bank recorded a growth in the net profit by 4% on an annual basis to 9.017 billion dirhams in 2024 compared to 8.676 billion dirhams in the year 2023, while the profit before the tax reached 9.886 billion dirhams.

The Board of Directors of the Dubai Commercial Bank recommended distributing cash profits to shareholders by 50.74%, equivalent to 50.74 fils per share, equivalent to 1.515 billion dirhams for 2024.

The Dubai Commercial Bank announced that the net annual profit achieved after the tax exceeded 3 billion dirhams at the end of last year and rose by 14% on an annual basis.