Abu Dhabi Islamic Bank approves cash dividend equalling 48.5% of net profit for 2021
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Abu Dhabi Islamic Bank approves cash dividend equalling 48.5% of net profit for 2021

Abu Dhabi Islamic Bank approves cash dividend equalling 48.5% of net profit for 2021

The bank’s shareholders also elected a new board of directors

Abu Dhabi Islamic Bank (ADIB) shareholders have approved a cash dividend of 31.1155 fils per share.

The dividend represents 48.5 per cent of the bank’s net profit for the fiscal year ending December 31, 2021.

Meanwhile, ADIB shareholders also elected a new board of directors during the annual general meeting held on Thursday, March 17, 2022. The board members elected for a three-year term include: HE Awaidha Al Khaili; Khalifa Matar Al-Mheiri; Najib Youssef Fayyad; Abdulla Ali Musleh Al Ahbabi; Faisal Sultan Al-Shuaibi; Abdul Wahab Al-Halabi; and Maha Mohamed Al Kattan.

Jawaan Awaidha Suhail Al Khaili, ADIB’s chairman, commented: “We are pleased to announce the election of a new Board of Directors that includes a number of prominent leaders in business, strategy, and the financial and banking services sector. We looking forward to their contribution to further consolidate ADIB’s position as a leading bank in the Islamic banking sector.

“ADIB succeeded in keeping pace with the commercial activity improvements, as it recorded a strong financial performance. ADIB was able to gradually reduce the provisions taken by the bank in 2020 by 27 per cent to conclude 2021 with a strong and resilient financial position. The capital adequacy ratio reached 18.6 per cent, which exceeds the directives of the Central Bank to a good extent.”

Al Khaili added that the ADIB’s balance sheet grew by 7 per cent to Dhs137bn, and the value of deposits increased by 8 per cent to Dhs110bn. The return on shareholders’ equity also increased to 14.3 per cent.

Abu Dhabi Islamic Bank announced a 45 per cent year-on-year growth in its net profit to Dhs2.3bn during the fiscal year 2021. Revenues also recorded growth of 4 per cent to Dhs5.5bn, because of an increase in income from non-financing activities by 9 per cent.

Read: Abu Dhabi Islamic Bank posts 45% rise in net profit for 2021

A decrease in operating expenses by 8 per cent year-on-year was also recorded, which led to an improvement in the cost-to-income ratio by 5.1 percentage points to 40.7 per cent.

Nasser Al Awadhi, ADIB’s group chief executive officer, added: “A quick look at ADIB’s financial statements reveals that 2021 was a positive year in terms of net profit, revenue, capital and returns. This was achieved thanks to a combination of factors including revenue growth, an effective cost control strategy, and an improved macroeconomic environment.”

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