ADIB distributes 30.66% cash dividends

Dubai: Abu Dhabi Islamic Bank (ADIB), one of the leading Islamic banks in the UAE, said on Thursday that it has distributed 30.66 per cent cash dividends and 26.87 per cent bonus shares for 2013 to shareholders registered with the Abu Dhabi Securities Market.

The cash dividends represent 50 per cent of ADIB’s full year net profits in 2013, which rose 20.7 per cent to Dh1,450.2 million compared to the previous year.

ADIB’s assets grew by 19.8 per cent to Dh103.2 billion. The bank is focused on managing its asset quality. Total retail banking non per forming loans (NPL) was less than one per cent of the total assets.

“This performance was underpinned by our main banking business, which registered strong acceleration in both financing and deposits,” said Khalid Khouri, Vice Chairman of ADIB, in a statement.

ADIB is trying to gain a significant market share of Islamic banking and financial services to expatriates and non-Muslim customers. In order to reach out to expatriate customers, ADIB is planning to expand its distribution channels in Dubai and Northern Emirates.