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CBD shareholders elect a new board, Ahmad Abdulkarim Mohammad Julfar as new Chairman

Shareholders approve the highest-ever financial performance and dividend distribution of 44.38 fils per share

The board of directors of Commercial Bank of Dubai (CBD) have elected Ahmad Abdulkarim Mohammad Julfar as chairman of the board of directors, and Ahmad Abdulla Juma Binbyat, as the deputy chairman.

The appointments came following the annual general assembly meeting (AGM), which was held at CBD’s headquarters on March 6, 2024. During the AGM, the shareholders elected Buti Saeed Al Ghandi, Khalid Abdul Wahed Al Rostamani, Sheikh Maktoum bin Hasher Al Maktoum, Saod Mohamed Ibrahim Obaidalla, Ali Fardan Al Fardan, Abdulla Mohamed Al Karam, Abdulwahed Mohamed Al Fahim, Moza Omar Al Futtaim and Hadi Mohammad Badri as board members of the bank for the period 2024-27.

Commenting on his appointment as chairman of the board, Ahmad Abdulkarim Julfar, said: "I am honoured to accept the appointment as chairman of the board of CBD, and thank the board for entrusting me with the responsibility to steer the bank to new heights and increase the stakeholder value.”

Julfar commended the excellent expertise of the new board members and their know how, stating: “I look forward to working collaboratively with the new Board members to continue fostering the growth of the bank, achieving its strategic vision and objectives and exploring new business strategies”.

“I extend my sincere appreciation to Humaid Mohammad Al Qutami for his dedicated leadership over the past six years and as well as to the outgoing board members for their exemplary service, which has laid a strong foundation for our continued success,” he said.

Bringing over three decades of experience, Ahmad Julfar possess vast expertise, having assumed leadership positions predominantly with the Etisalat Group in the UAE, culminating in his tenure as Chief Executive Officer, and with EITC (Du), where he currently serves as managing director. He also served as the director-general of Dubai Community Development Authority, further showcasing his commitment to leadership and service. He is a member of CBD’s board of directors since March 2018.

During the AGM, the board adopted the decision to distribute cash dividends at a rate of 50 per cent of the bank’s net profit for 2023, being 44.3 per cent of paid-up capital as of December 31, 2023, marking a substantial 31.8 per cent increase.

CBD had an exceptional year with record net profit and remarkable achievements in all areas, reporting the highest ever net profit with a growth of 45.2 per cent to Dh2,650 million for the full year ended December 31, 2023. The bank reached Dh129 billion in assets whilst total shareholders’ equity increased by 13.7 per cent to Dh15.8 billion. Operating income for the year amounted to Dh4,938 million, an increase of 29.5 per cent, attributable to higher net interest income and improved fee and commission income. The cost-to-income ratio was excellent at 24.87 per cent.