Tuesday 16 Apr 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
Business

ADIB shareholders approve dividend of 71 fils per share for 2023

ADIB shareholders approve dividend of 71 fils per share for 2023
1 Mar 2024 13:24

ABU DHABI (WAM)


Abu Dhabi Islamic Bank (ADIB) has announced that its General Assembly has approved a cash dividend of Dh2.595 billion, 71 fils per share for the fiscal year ending December 31, 2023. This represents an increase from 49 fils per share in 2022, constituting 49 percent of the bank's net profit for the year.

Additionally, ADIB achieved a record Return on Equity (ROE) of 27.1 percent, 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.

Commenting on the bank's performance in the annual report, Jawaan Awaidha Suhail Al Khaili, ADIB's Chairman, said, "ADIB achieved exceptional results in 2023, surpassing the Dh5 billion milestone in net profit. This notable increase in profitability, coupled with our robust capital position, has enabled us to propose an enhanced dividend payout of 71 fils per share. We express our heartfelt gratitude to our shareholders for their unwavering support and confidence in our vision.

"Our strategic initiatives, including income diversification, expansion into new segments, and upholding asset quality, have contributed to an impressive ROE of 27 percent. 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."

Nasser Al Awadhi, ADIB's Group Chief Executive Officer, stated, "ADIB achieved remarkable financial results in 2023, with net profit soaring by 45 percent to a historic high of Dh5.25 billion, driven by a 36 percent 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 Dh8 billion, adhering to our market share growth strategy. Looking ahead to 2024, amidst global economic uncertainties, we are confident that our strong financial position and focus on innovation will empower us to seize opportunities, identify new growth areas, and maintain broad-based income momentum across the group."

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.

Copyrights reserved to Aletihad News Center © 2024