The annual Hawkamah Corporate Governance Award recognises banks that have implemented extra policies and practices to improve corporate governance practice.
“The Hawkamah Award is a valued recognition of NBAD’s commitment to transparency and implementation of the highest standards in governance,” says Abdulla M. S. AbdulRaheem, the Deputy Group Chief Executive of NBAD.
NBAD was selected as the winner by a prominent independent jury of international corporate governance banking experts. After reviewing all applications, the judges shortlisted the top five compliant Banks with NBAD emerging the winner after one-on-one interviews with all the finalists.
“At NBAD, successive Boards of Directors have always ensured that the Bank adheres to the highest standards of corporate governance and corporate responsibility to ensure compliance and safeguarding of our shareholders and stakeholders of the Bank. NBAD’s commitment to a regimen of exemplary practices has kept NBAD well protected from financial misfortunes over the past four decades,” says Samer Abdelhaq, the General Counsel and Head of Legal Department of NBAD.
Despite ongoing global challenges, NBAD delivered another year of solid results by achieving strong growth and performance. The Bank managed to show stronger growth and performance last year. In 2012, the Bank delivered record top line revenues of AED 8.7 billion and net profits of AED 4.3 billion, representing growth of 10% and 17%, respectively. Return on average shareholders’ funds was 16.5%; assets grew 18% to over AED 300 billion, and capital adequacy ratios continued to be well in excess of the minimum thresholds required by our regulators.
“NBAD remains committed to achieving even higher standards of corporate governance to protect the interests of its valued stakeholders,” Mr. Abdelhaq says. “We see ourselves as a role model with respect to corporate governance practice.”