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Shareholders of Abu Dhabi Islamic Bank, ADIB, have approved the distribution of cash dividends of 28.87 percent for 2017 at the bank’s Annual General Meeting, AGM. The cash dividend represents 39.76 percent of full year net profits for 2017.
The Board of Directors Report, the Auditors Report, and Financial Statements for 2017 were also approved at the AGM.
ADIB reported a record net profit of AED2.3 billion for 2017, up 17.7 percent from 2016, driven by higher income from fees, foreign exchange, investments and reduction in cost of credit. Revenue increased by 4.6 percent to AED5.6 billion, while the bank also benefited from lower credit provisions and impairments in 2017 decreasing by 18.5 percent from a year earlier.
Khamis Buharoon, ADIB’s Vice Chairman and Acting CEO, who presented the bank’s Board of Directors’ Report on behalf of ADIB’s chairman, said, "Adhering to our disciplined, long-term growth strategy allowed ADIB to take advantage of a more stabilised operating environment in 2017. Firmer oil price and burgeoning confidence in the global economy, combined with opportunities to introduce new digitally-enabled products and services, provided a tailwind for ADIB to execute its strategy. Amid this backdrop, the bank delivered strong operational and financial performance, achieving a 4.6 percent year-on-year growth in revenues and a 17.7 percent increase in net profit to AED 2.3 billion, a record figure for ADIB. During the year, we welcomed approximately 62,000 new customers with a strong offering of products and services, easily accessed through digital platforms."
Buharoon also commented on ADIB’s successful implementation of a new points-based system approved by the UAE Central Bank to promote the entry of Emiratis into the financial sector, while also enhancing career development opportunities.
He continued, "Our achievements in 2017 are a testament to the dedication and professionalism of colleagues, whose ingenuity, experience and customer focus continues to drive our results. We are investing for the future and, today, we are a dynamic bank with a culture of innovation and determination that will ensure we can capture opportunities in the market and meet customers’ needs and expectations."
ADIB reported a record net profit of AED2.3 billion for 2017, up 17.7percent from 2016, driven by higher income from fees, foreign exchange, investments and reduction in cost of credit. Revenue increased by 4.6 percent to AED5.6 billion, while the bank also benefited from lower credit provisions and impairments in 2017 decreasing by 18.5 percent from a year earlier.
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