ADIB’s shareholders approve cash dividends of 24.52% for fiscal year 2016
Shareholders of Abu Dhabi Islamic Bank, ADIB, have approved the distribution of 24.52 percent cash dividends for 2016 at the bank’s Annual General Meeting held on 2nd April. The cash dividend represents 39.8 percent of full-year net profits for 2016 and is equivalent to AED780 million. Khamis Buharoon, Vice Chairman of ADIB, presented the bank’s "Board of Directors’ Report" on behalf of ADIB’s Chairman Jawaan Awaidha Suhail Al Khaili, saying, "ADIB delivered strong results in a challenging operating environment in 2016. Strategic investments in areas that will support the bank’s future growth, including enhancing customer experience and advancing our digital capabilities, led to the bank welcoming 42,000 new customers in the year, bringing the total to over 920,000. This contributed to robust growth in revenues and, coupled with strong expense discipline, resulted in an increase in profits."
During his speech, Buharoon took pride in ADIB’s committed application of its Emiratisation policy and the development of its national staff, with 850 UAE nationals working at the bank across all departments and positions.
ADIB posted an increase in net revenues for 2016 by 4.9 percent to AED5.39 billion, with the bank’s total assets rising 3.3 percent to AED122.3 billion. ADIB posted a net profit of AED1.95 billion in 2016, a 1 percent increase on the previous year.
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