Thursday, 4 March 2021 – 3:42 PM
ABU DHABI, 4th March / WAM / The Board of Directors of Abu Dhabi Islamic Bank has recommended that shareholders distribute cash dividends of 20.58 fils per share, which represents 46.6% of the bank’s net profit for the fiscal year ending on December 31, 2020.
Dividends are subject to approval of the shareholders during the General Assembly meeting scheduled for April 4, 2021.
Abu Dhabi Islamic Bank had announced a net profit of 1.6 billion dirhams for the fiscal year 2020, and the bank showed high levels of recovery through its activities, recording a growth in net profits of 73% during the second half of 2020 compared to the first half of 2020 despite the challenges that resulted from The COVID-19 pandemic.
This growth was driven by a 10% rise in revenues, coinciding with the revival of economic activity in the UAE and increased business momentum.
ADIB continues to maintain a strong capital base, with the Tier 1 ratio of common shareholders’ equity reaching 12.94% and the capital adequacy ratio reaching 18.8% in December 2020 after dividend adjustments achieved strong rates higher than regulatory requirements.
During the year 2020, Abu Dhabi Islamic Bank raised the maximum foreign ownership in its shares to 40% of its issued capital in response to the increasing interest of international investors in the bank and in line with its efforts and commitment to diversify the bank’s investor base.
WAM / Ahmed Al-Nuaimi / Reda Abdel-Nour