ADIB AGM approves 50% of net profit as cash dividend

Abu Dhabi Islamic Bank, or ADIB, announced the distribution of 30.66 per cent cash dividends and 26.87 per cent bonus shares for 2013 to shareholders registered with the Abu Dhabi Securities Market after approval of the annual general meeting (AGM).



By Staff Report

Published: Fri 28 Mar 2014, 11:21 PM

Last updated: Tue 7 Apr 2015, 10:31 PM

The cash dividends represent 50 per cent of full year net profits for 2013. The annual general assembly of the bank was chaired by Khalid Khouri, vice-chairman of ADIB. The Board of Directors Report, the Auditors Report and Financial Statements for 2013 were also approved at the assembly.

Abu Dhabi Islamic Bank officials holding annual general meeting in Abu Dhabi on Thursday. — Supplied photo

Speaking on behalf of ADIB’s chairman, Jawaan Awaidha Suhail Al Khaili, Khaled Khouri said that ADIB was able to deliver another year of strong growth both in profits and assets, with an increase of 20.7 per cent in net profit to Dh1,450.2 million over the previous year, and a 19.8 per cent growth in assets to Dh103.2 billion.

This performance was underpinned by the main banking business, which registered strong acceleration in both financing and deposits. He added that ADIB continued to be one of the leading banks in advocating Emiratisation, employing 941 UAE Nationals at the end of Q4, 2013 with a resultant Emiratisation ratio of 48.31 per cent and continued to invest in a wide range of activities that benefited the community at large, including the ‘Smartmoney’ financial literacy programmes, support for football in the UAE, various community outreach programmes and the sponsorship of humanitarian and cultural activities during Ramadan.

“The outlook for the global economy and in particular for the Gulf region and the UAE has finally begun to stabilise and the picture is turning towards a period of economic stability, confidence and renewed growth. We believe that through our prudent and ethical approach to business we have managed to steer a steady path through the recent challenging years and are now well positioned both in terms of our first class management team and broad range of services,” he noted.

— business@khaleejtimes.com


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