ADIB’s shareholders approve cash dividends of 24.52% for fiscal year 2016

Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved the distribution of 24.52% cash dividends for 2016 at the bank’s Annual General Meeting (AGM) held on Sunday 2nd April 2017. The cash dividend represents 39.8% of full year net profits for 2016, and is equivalent to AED 780 million.

The Board of Directors Report, the Auditors Report and Financial Statements for 2016 were also approved at the AGM.

Mr. Khamis Buharoon, Vice Chairman of ADIB, presented the bank’s Board of Directors’ Report on behalf of ADIB’s Chairman H.E Jawaan Awaidha Suhail Al Khaili. Mr. Buharoon stated: “ADIB delivered strong results in a challenging operating environment in 2016. Strategic investments in areas that will support the bank’s future growth, including enhancing customer experience and advancing our digital capabilities, led to the bank welcoming 42,000 new customers in the year, bringing the total to over 920,000. This contributed to a robust growth in revenues and, coupled with strong expense discipline, resulted in an increase in profits.”

During his speech, Mr. Buharoon took pride in ADIB’s committed application of its Emiratisation policy and the development of its national staff. Over the past year, the bank has been able to achieve what is considered the highest Emiratisation rate amongst all UAE banks in 2016, with 850 UAE nationals working at the bank across all departments and positions.

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