ADIB’s AGM approves 50% of 2013 net profits as cash dividend

March 29, 2014 12:34 pm

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced the distribution of 30.66% cash dividends and 26.87% bonus shares for 2013 to shareholders registered with the Abu Dhabi Securities Market after approval of the Annual General Meeting (AGM), held on Wednesday 26th of March 2014. The cash dividends represent 50% of full year net profits for 2013.

The Annual General Assembly of the Bank was chaired by Mr. 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.

Speaking on behalf of ADIB’s Chairman, HE Jawaan Awaidha Suhail Al Khaili, Mr. 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% in net profit to Dhs1,450.2m over the previous year, and a 19.8% growth in assets to Dhs103.2bn. This performance was underpinned by our main banking business, which registered strong acceleration in both financing and deposits.

He added that ADIB continued to focus on delivering the best customer experience which granted the bank number one customer service position within UAE banks for 3 years in a row.

He said 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% and continued to invest in a wide range of activities that benefited the community at large, including our ‘Smartmoney’ financial literacy program, our support for football in the UAE, various community outreach programs and our sponsorship of humanitarian and cultural activities during the Holy Month of Ramadan.

Looking to the future, he said: “The outlook for the global economy and in particular for the Gulf region and the UAE has finally begun to stabilize 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 – in the UAE and throughout our international operations – to reap the benefits in the medium and longer term.”

ADIB has received several awards in recent months including Mohammed Bin Rashid Al Maktoum Business Award and Best Supporting Bank SME Initiatives by the Mohammed Bin Rashed Al Maktoum Award for Young Leaders. The bank was also recognised as the best Islamic bank in the Middle East by Euromoney magazine. ADIB was able to maintain its strong financial position and provide solid returns to shareholders and depositors. These results are attributable to the effective execution of its strategic priorities including customer service excellence, best-practice risk management, conservative credit policy and recruitment of world-class talent.

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