ADIB in Dubai.
The Abu Dhabi headquartered bank reported gains across divisions as its net profit crossed Dh5 billion. Image Credit: Gulf News Archive

Dubai: Coming up for ADIB shareholders is a Dh2.59 billion payout, after the board of directors got the necessary approvals on the dividend. This works out to 71 fils a share compared to the 49 fils of 2022. (The Dh2.59 billion constitutes 49 per cent of the bank’s net profit for 2023.)

“Our strategic initiatives, including income diversification, expansion into new segments, and upholding asset quality, have contributed to an impressive return on equity of 27 per cent,” said Jawaan Awaidha Suhail Al Khaili, ADIB's Chairman.

ADIB’s net profit crossed Dh5 billion in 2023. “This notable increase in profitability, coupled with our robust capital position, has enabled us to propose an enhanced dividend payout of 71 fils per share,” added Al Khaili.

ADIB's are part of a broadly bullish set of financials reported by all the leading UAE banks. The revenue and profit gains have also stirred up sizeable action on banking stocks in recent days.

Another 206,000

According to Nasser Al Awadhi, ADIB's Group CEO, "Our strong market position and digital initiatives enabled us to attract over 206,000 new customers. We expanded customers' financing by Dh8 billion, adhering to our market share growth strategy.

"Looking ahead to 2024, amidst global economic uncertainties, we are confident that our strong financial position, focus on innovation will empower us to seize opportunities, identify new growth areas, and maintain broad-based income momentum across the group.”