The General Assembly of “Abu Dhabi Islamic Bank” approves a dividend of 48.5% for 2021

The shareholders of Abu Dhabi Islamic Bank elected a new Board of Directors during the annual general meeting held on March 17, 2022.

The bank’s shareholders approved the distribution of cash dividends of 31.1155 fils per share, which represents 48.5% of the bank’s net profit for the financial year ending on December 31, 2021.

Management Board

The General Assembly also approved, during the meeting, the report of the Board of Directors, the auditors’ report and the financial statements for the year 2021, in addition to other decisions.

According to a statement issued by the bank, the new board of directors, whose term of office extends for three years, includes: Awaida Al Khaili, Khalifa Matar Al Muhairi, Najeeb Youssef Fayyad, Abdullah Ali Musleh Al Ahbabi, Faisal Sultan Al Shuaibi, Abdul Wahab Maan Al Halabi, and Maha Muhammad Al Qattan.

strong position

ADIB Chairman, Joaan Awaidah Suhail Al Khaili, said: “We are pleased to announce the election of a new board of directors, which includes a number of the most prominent leaders in the business and strategy sectors, and the financial and banking services sector. Islamic banking services sector.

He added: "ADIB succeeded in keeping pace with the improvement in commercial activity, after the country's response to the (Covid 19) pandemic, as it recorded a strong financial performance, and was able to gradually reduce the provisions taken by the bank in 2020 by 27%, to conclude the year 2021 with a strong and flexible financial position, as The capital adequacy ratio reached 18.6%, which exceeds the directives of the Central Bank to a good extent.”

Al Khaili pointed out that the bank’s balance sheet witnessed a growth of 7% to reach 137 billion dirhams, while the value of deposits increased by 8% to 110 billion dirhams, and the size of the return on shareholders’ equity increased to 14.3%, stressing that this is an outstanding performance based mainly on Revenue growth and cost reduction.

positive year

For his part, the CEO of the Abu Dhabi Islamic Bank Group, Nasser Al-Awadi, said that a quick look at the bank's financial statements reveals that the year 2021 was positive in terms of net profits, revenues, capital, and returns.

"This was achieved thanks to a combination of factors, including revenue growth, the adoption of an effective cost control strategy, and an improved macroeconomic environment," he added.

Net profit

Abu Dhabi Islamic Bank had announced a 45% year-on-year growth in its net profit, which amounted to 2.3 billion dirhams during the fiscal year 2021.

These results were driven by strong revenue growth, continued improvement of the cost base, and reduction in provisions for financing and investment losses.

The bank’s revenues in 2021 recorded a growth of 4% to reach 5.5 billion dirhams, as a result of an increase in income from non-financing activities by 9%.

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