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 ADIB Shareholders Approve Dividend of $0.17 Per Share for 2023


ADIB Shareholders Approve Dividend of $0.17 Per Share for 2023

The annual general meeting of Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, on Friday approved a cash dividend of $710 million ($0.17 per share) for the fiscal year ending 31 December 2023. This represents an increase from $0.13 per share in 2022 and constitutes 49% of the bank’s net profit for the year.

Additionally, ADIB achieved a record return on equity (ROE) of 27.1%, demonstrating the bank’s strong momentum in its core operations, bolstered by a robust and resilient local economy, alongside its commitment to transformative initiatives.

At the meeting, the ADIB General Assembly also approved the Board of Directors’ report, the auditors’ report, and the financial statements for 2023.

ADIB’s Chairman Jawaan Awaidha Suhail Al Khaili said that the bank achieved exceptional results in 2023, surpassing the $1.36 billion milestone in net profit. This notable increase in profitability, coupled with our robust capital position, has enabled the bank to propose an enhanced dividend pay-out per share.

“Our strategic initiatives, including income diversification, expansion into new segments, and upholding asset quality, have contributed to an impressive Return on Equity (ROE) of 27%. In line with our strategic plan, ADIB is committed to ESG principles, poised to fully integrate sustainability into our operations, following the UAE’s Year of Sustainability extension. We look forward to collaborating with stakeholders to pioneer innovative solutions, fostering economic and sustainable development for a prosperous future,” he added.

Historic High Profits

ADIB’s CEO Nasser Al Awadhi said that the bank has achieved remarkable financial results in 2023, with net profit soaring by 45% to a historic high of $1.43 billion, driven by a 36% revenue growth. This success was fuelled by increased transaction volumes and improved margins, supported by an efficient funding base and higher yields.

“Our strong market position and digital initiatives enabled us to attract over 206,000 new customers. We expanded customers’ financing by $2.18 billion, adhering to our market share growth strategy. Looking ahead to 2024, amidst global economic uncertainties, we are confident that our strong financial position, focus on innovation will empower us to seize opportunities, identify new growth areas, and maintain broad-based income momentum across the group,” he added.

ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.

The market share expanded, while customer finance and income increased. Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app. Moreover, in line with sustainability goals, ADIB strengthened its ESG strategy and governance framework to drive its sustainable banking agenda for the next three years, underscoring its dedication to growth, performance and innovation.​

Global Business Magazine

Global Business Magazine

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