Today's Edition
ABU DHABI (ALETIHAD)
Abu Dhabi Commercial Bank (ADCB) aims to double its net profit to Dh20 billion within the next five years, targeting an annual growth rate of approximately 20%.
The announcement came as ADCB has embarked on a visionary growth strategy, aligning with the UAE’s progressive economic trajectory and contributing to the country’s position as a leading global financial powerhouse.
The strategy charts a clear blueprint to align with the country’s ambitions through a substantial increase in scale and reach, according to an ADCB press statement released today.
The bank is increasing year-on-year paid-out dividends over the same period, whereby ADCB aims to increase its total targeted dividend payout to approximately Dh25 billion over the next five years, up 50% compared to the total dividend payout in the preceding five-year period.
The bank is delivering an annual Return on Equity exceeding 15% each year, while maintaining healthy regulatory ratios and an adequate capital position to fuel future growth.
Khaldoon Khalifa Al Mubarak, Chairman of ADCB’s Board of Directors, commented, “The Board of Directors has endorsed ADCB’s ambitious strategy expressing their confidence in its successful implementation. ADCB's management team, with the Board’s active and constructive oversight, has a proven track record as demonstrated by the fulfillment of the previous strategy well ahead of its projected timeframe. The Bank’s ambition continues to be forward looking, and attuned to the pace and promise of the Nation’s next phase of economic transformation. Our focus on rewarding the shareholders remains integral to our new strategy, ensuring that ADCB creates enduring value for all who place their trust in us.”
Ala'a Eraiqat, ADCB Group Chief Executive Officer, said, “ADCB has come a long way since 2020 under the stewardship of its Board. As the bank continues on this journey, and in order to match the scale of the UAE’s ambition, it is expanding rapidly and setting clear and accountable objectives to create significant value for the shareholders. Through sustained high velocity of growth, ADCB aims to achieve the following targets, rewarding investors through both growth and income.
Eraiqat added, “A detailed strategy blueprint has been approved by the Board, laying out a clear way forward on how to achieve this ambition. As a progressive financial institution, ADCB will accelerate deployment of digital and AI technology to elevate customer experience, enhance risk management and boost productivity while empowering UAE nationals to lead the transformation of the banking industry.”
