The 26th Annual General Meeting of the Abu Dhabi-based Middle East Bank (MEB) was held in the head office of Emirates Bank March 26, 2003. The meeting approved the Directors Report concerning the bank activities and financial position for the year ending December 31, 2002, and the auditors report for the same period.
The meeting also approved the financial statements of the Bank for the year ending December 31, 2002, and the distribution of a cash dividend of five percent. Middle East Bank, a subsidiary of Emirates Bank Group, has reported a net profit of 75.6 million Emirati dirhams ($20.8 million) for the year 2002 compared to 2001 profit of Dh72.5 million.
Total shareholder fund amounted to Dh769 million as at December 31, 2002. The bank financial results for 2002 reflect a sound and steady performance. — (menareport.com)
© 2003 Mena Report (www.menareport.com )