Business | Banking

Abu Dhabi Islamic Bank approves 25.4% dividend

Abu Dhabi Islamic Bank’s net revenues for 2012 were Dh3.6 billion

  • By Shehab Al Makahleh, Staff Reporter
  • Published: 17:27 March 31, 2013
  • Gulf News

Abu Dhabi: The Abu Dhabi Islamic Bank (ADIB), UAE’s biggest Sharia-compliant bank by market value, has recommended paying cash dividend at 25.4 per cent, equivalent to 50 per cent of 2012 net profit to shareholders, the bank said.

ADIB Group reported end of December 2012 Dh1.2 billion net profit, an increase of 4 per cent over the previous year, according to Abu Dhabi Securities Exchange (ADX).

The net revenues for 2012 were Dh3.6 billion, and the expenses hiked by 8.1 per cent year on year. The total assets stood at Dh85.7 billion at the end of 2012, up 15.2 per cent on the same point of the previous year.

The Central Bank statistics showed that ADIB had installed 89 new ATMs and opened six new branches in the UAE, increasing the number of its branches to 75.

ADIB will be having a press conference with the media on Tuesday for its future outlook.

In this regard, the bank said that ADIB continued to deliver sound financial results through effective executions with the focus on customers.

Tirad Mahmoud, CEO of ADIB, had said earlier that the bank expects 2013 to be another year of moderate asset growth with tough competition amongst banks.

“This will place pressure on credit margins,” said Mahmoud.

ADIB’s net customer financing amounted Dh51.2 billion in 2012, up by 4.8 per cent compared to Dh48.8 billion in 2011. The bank added that customer deposits grew by 11.2 per cent to Dh61.3 billion up from Dh55.2 billion in 2011.

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