ADIB shareholders give nod to Dhs3.030 billion cash dividend

Abu Dhabi Islamic Bank (ADIB) shareholders, during the Annual General Assembly (AGM), discussed and approved all agenda items, including the election of Board of Directors for a new term and the distribution of a cash dividend of 83 fils per share or 83 per cent of capital, representing a total payout of Dhs3.030 billion equivalent to 50 per cent of 2024 net profit, marking an increase from 71 fils per share in 2023.

In addition to approving the dividend payout, the AGM highlighted ADIB’s strong business momentum, its outstanding performance in 2024, and its solid platform for future growth.

ADIB reported a net profit before tax for 2024 of Dhs6.9 billion, marking a 26 per cent increase from last year. The strong balance sheet growth, coupled with increased business momentum and diversified revenue growth, has fuelled the bank’s exceptional financial performance. Net profit after tax for 2024 stood at Dhs6.1 billion, reflecting a 16 per cent increase compared to the full year 2023.

During the meeting, shareholders elected the Board of directors and approved the board of directors’ report, the auditors’ report and the financial statements for the year 2024.

Serving a three-year term, the elected Board of Directors comprises: Jawaan Awaidha Al Khaili, Dr. Faisal Sultan Al-Shuaibi, Khalifa Matar Al-Mheiri, Abdulla Ali Musleh Al Ahbabi, Najib Youssef Fayyad, Abdul Wahab Al-Halabi, and Maha Al Qattan.

Commenting on the bank’s performance in the annual report, Jawaan Awaidha Suhail Al Khaili, ADIB’s Chairman, said, “We thank our shareholders for their trust and for electing the board of directors which includes some of the most prominent leaders in business, strategy, and the financial and banking services. ADIB achieved exceptional results in 2024 with net profit before tax reaching Dhs6.9 billion. This notable increase in profitability, coupled with our robust capital position, has enabled the Board to propose an enhanced dividend payout of 83 fils per share. Additionally, the record return on equity of 28 per cent reflects the healthy and resilient local economy coupled with our focus on delivering transformational initiatives that align with the UAE’s dynamic economic landscape which enabled us to capitalise on the growth opportunities and deliver exceptional value to our shareholders.

“We remain focused on accelerating growth through innovative initiatives while strengthening our competitive position. In 2024, we expanded our customer base by attracting approximately 216,000 new customers to ADIB. We also intensified our efforts to advance the sustainability agenda and led initiatives that significantly contributed to our ESG roadmap, including our commitment to reduce carbon emission as part of our Net Zero plan. With the launch of 2035 Vision, we are putting into place a transformative roadmap that positions us at the forefront of our industry. It is a vision that will be fueled by technological advancements, an uncompromising focus on our customers, and a deep commitment to sustainability principles.”

Mohamed Abdelbary, ADIB’s Group Chief Executive Officer, added, “ADIB delivered outstanding financial results in 2024, with net profit before tax rising by 26 percent to a record level of Dhs6.9 billion. This success was driven by a 14 percent increase in revenue growth, supported by a higher volume of transactions and an expansion in customer financing, backed by an efficient funding base. Total assets increased to Dhs226 billion, driven by customer financing growth which expanded by 22 per cent in 2024.

“We demonstrated balance sheet strength across all key ratios, with asset quality matrix improving due to active management of legacy portfolios and strong underwriting standards.With our renewed 2035 vision, we aspire to build a future-proof bank that not only meets today’s dynamic needs but also anticipates tomorrow’s challenges. Our vision aligns closely with the national priorities, emphasising the use of Gen AI, focusing on Emiratisation and sustainability.”

Last year, Abu Dhabi Islamic Bank has been recognised as the world’s safest Islamic bank for the third consecutive year by Global Finance Magazine’s for 2024.

ADIB was also awarded the Best Islamic Bank in the UAE and Egypt, underscoring its strong regional influence and exceptional performance.

The bank also achieved the distinction of the Best Islamic Bank Globally for ESG, highlighting its commitment to sustainable and ethical finance.

The awards were presented during the 2024 annual meetings of the IMF and the World Bank Group (WBG) in Washington, DC.

ADIB maintained its notable ranking as the world’s Safest Islamic Bank which indicates its solid financial position, efficient risk management, and advanced cybersecurity systems, backed by high ratings from leading agencies. These recognitions highlight ADIB’s ongoing delivery of innovative and safe Sharia-compliant products to its customers.

WAM