Dubai: ADCB has held its 36th Annual General Assembly virtually, in its head office building in Abu Dhabi where its shareholders approved a cash dividend of Dh0.27 per share, translating to a pay-out of Dh1.878 billion, or 49 per cent of net profit.
The meeting was chaired by Khaldoon Khalifa Al Mubarak, Chairman of the Board of Directors.
The Board Members discussed and approved the Board of Directors Report on the Banks’ activities and its financial position for the year ended December 31, 2020. The attendees approved the appointment of Ernst & Young as the external auditors for the year 2021 and authorised the Board of Directors to determine their fees for the same year.
“We enter a new year with developments that are literally affecting the entire world. The onset of COVID-19 has been one of the greatest challenges our nation has faced. Therefore, it is a point of pride that ADCB has played its part in the national response by protecting our economy and the livelihoods of key stakeholder,” said Al Mubarak. .
Following the merger with Union National Bank and Al Hilal, ADCB has adopted a five-year development strategy that aims to broaden the bank’s product offering and coverage, and at the same time strengthening its financial performance.
During April 2020, the eleven-month integration process with Union National Bank and Al Hilal Bank concluded. The merger establishes ADCB as the third-largest financial institution by assets in the UAE, with over one million customers.
“ADCB is now entering its next phase of development, focusing on digital transformation, delivering sustainable growth and continuously improving and innovating our customer experience,” said Al Mubarak.