Abu Dhabi Islamic Bank Approves AED 2.595 Billion Cash Dividends for 2023

Abu Dhabi Islamic Bank Approves AED 2.595 Billion Cash Dividends for 2023

Abu Dhabi Islamic Bank (ADIB) has announced the approval of cash dividends amounting to AED 2.595 billion by its General Assembly. The dividends, at 71 fils per share, reflect an increase from 49 fils per share in 2022 and represent 49% of the bank’s total net profits for the fiscal year ending December 31, 2023. ADIB’s return on shareholders’ equity reached 27.1%, signifying robust performance across core business sectors.

During the General Assembly meeting, shareholders also endorsed the Board of Directors’ report, the auditors’ report, and the financial statements for the year 2023. His Excellency Joaan Awaida Suhail Al Khaili, Chairman of ADIB, expressed gratitude to shareholders for their steadfast support and confidence. He highlighted the bank’s strategic initiatives, including income diversification, sector expansion, and asset quality maintenance, contributing to the substantial return on shareholders’ equity.

Aligned with its strategic plan, ADIB reaffirmed its commitment to environmental, social, and institutional governance principles. The bank aims to fully integrate sustainability into its operations, coinciding with the country’s extension of the Year of Sustainability. Nasser Al Awadi, CEO of ADIB Group, emphasized the outstanding financial results in 2023, with net profits surging by 45% to AED 5.25 billion. The bank’s success is attributed to revenue growth, increased transaction volume, improved profit margins, and an efficient financing base.

ADIB’s strong financial position and digital initiatives attracted over 206,000 new customers. The bank expanded customer financing by AED 8 billion, aligning with the strategy to enhance market share. Despite global economic conditions, ADIB remains confident in leveraging opportunities, sustaining income momentum, and exploring new growth areas in the current year. The bank achieved record performance in 2023, witnessing substantial business volume growth and market share expansion.

In line with its sustainability goals, ADIB has reinforced its Environmental, Social, and Governance (ESG) strategy and governance framework to drive sustainable banking initiatives over the next three years.

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