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Home/ About Us/ Statements & Reports/ Chairman's Speech
Chairman's Speech
Chairman’s Speech to the General Assembly 2013

Dear Shareholders,

On behalf of the Board of Directors and myself; I wish to welcome you to the 40th Ordinary General Assembly. I would like to express our appreciation for your continued support to our national institution.

I take this opportunity to extend, on your behalf and on behalf of the Board members our sincere gratitude to HH the President Sheikh Khalifa Bin Zayed Al Nahyan, the Vice President Prime Minister, HH. Sheikh Mohamed Bin Rashid Al Maktoum, HH. Doctor Sheikh Sultan Bin Mohamed Al Qasimi, Ruler of Sharjah, and to their Highnesses the Rulers, Members of the Supreme Council for their leadership and their vision to lead our country to prosperity and development.

The Bank celebrated in 2013 its 40th anniversary. On this occasion, our new head office in Al Khan will be inaugurated soon, and the cornerstone will be laid for our future headquarters building in Al Taawon area; which once completed will mark Sharjah’s skyline as an architectural landmark.

Dear Shareholders,

2013 brought about political, security and economic developments that altered international relations and rocked the stability of the regional and world political scenes, ushering in a new multipolar world order. Our Arab region suffered throughout 2013 with spreading unrest that escalated into severe conflicts and bloody confrontations.

On a more positive note, 2013 upended the economic stagnation that had demurred since 2008 and introduced growth that touched financial performance indicators from global equity markets to international business.

Locally, the celebrations of the 42nd National Day were further intensified by the election of Dubai and the U.A.E. as the host for Expo 2020. This overwhelming success was viewed by nationals and residents alike as a culmination of a long successful path of achievements through the 42 years of the Union.

Dear Shareholders,

Your bank’s performance during 2013 was remarkable, as the consolidated net profit increased by 27% to reach AED 353 million, while the total comprehensive income grew by an impressive 59% to reach AED 433 million. Total assets touched the threshold of AED 25 billion, a 9% growth over the previous year’s figures.

Based on these outstanding results, I am pleased to advise you that the Board of Directors submits for your kind approval the distribution of 9.116% cash dividend and 60 million Buy Back shares representing, 2.86% of the capital, equivalent to 16% taking into consideration the share price, compared to 10% cash in 2012.

Recognizing the importance of being an upstanding corporate citizen of Sharjah and the UAE, Bank of Sharjah was true to its corporate responsibility mandate in 2013, supporting various charitable institutions and local community groups, including organizations which advocate for environmental responsibility and public health, among others, through sponsorship, donations or contributions. The Bank helps a range of humanitarian foundations, such as Sharjah City for Humanitarian Services that focuses on caring for children with special needs, and educational institutions such as the American University of Sharjah, and other organizations in the U.A.E. that focus on serving Children with disabilities, Blind, Families and Sports.

Dear Shareholders,

On your behalf, I would like to express our sincere gratitude to HH Doctor Sheikh Sultan Bin Mohamed Al Qasimi, Member of the Supreme Council Ruler of Sharjah, our Honorary Chairman, for his continued patronage and support.

I extend our 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 our local and foreign Correspondents.
A special thanks to the Management and Staff of the Bank for their services, devotion and commitment.
Finally, I have the honor to submit to you the Board of Directors report for the year 2013.

Ahmed Abdulla Al Noman

Sharjah, 15/03/2014


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