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Abu Dhabi, UAE : Shareholders of Abu Dhabi Islamic Bank (ADIB) have voted in favour of increasing the foreign ownership limit from 25% to 40% at the bank’s Annual General Meeting (AGM), which took place on Sunday, 29th March 2020 at ADIB’S HQ.
The shareholders also approved the distribution of cash dividends of 27.38 fils per share for 2019, which represents 38.23% of the bank’s full year net profits, equivalent to AED 994.313 million, as well as the Board of Directors Report, the Auditors Report and Financial Statements for the year.
In its 2019 annual report, ADIB stated that despite a challenging global operating environment and intensified competition in the banking sector, the bank has delivered sustainable results while providing consistent returns to shareholders. This is testament to the successful implementation of business strategies and a dedication to delivering best-in-class product propositions for ADIB’s customers.
As a response to the interest from global investors, ADIB decided to increase the foreign ownership limit to 40%. This will allow ADIB to diversify its investor base and will also help strengthen UAE’s position in the global capital markets and solidify its reputation as an attractive destination for foreign direct investment.
Commenting on ADIB’s financial performance, Mazin Manna, ADIB Group CEO, said: “2019 marked another successful year for ADIB with a healthy increase of profit and revenues across key businesses. This has been complemented by our discipline in managing costs across the bank by implementing a number of optimization initiatives, resulting in a flat expense base. In addition, our investment into digital transformation has proven successful, enabling us to maintain a seamless service to customers at a time when we are all trying to limit our movement.”
ADIB reported a net profit of AED 2.6 billion for 2019, up 4% from 2018 driven by a growth in customer finance and higher investment and foreign exchange income. Group net revenue increased by 2.5% to AED 5.9 billion. The bank remains well-capitalised with a strong balance sheet that is positioned to grow and deliver outstanding value to its stakeholders.
Through a targeted digital transformation programme, ADIB continues to heavily invest in technological infrastructure that drive efficiencies and establish a seamless banking experience. In 2019, ADIB launched a number of new services and features, including adding new features to the mobile banking experience enabling pre-approved customers to receive funds instantly, apply for a card or update customer information instantly from the app. ADIB also upgraded its transaction banking and trade finance proposition with the launch of “ADIB Direct”, a new digital banking platform for businesses that integrates a suite of banking solutions into a single, streamlined interface. The platform includes ADIB Office Banking, which provides a number of remote access solutions, such as cheque printing, cheque scanning, alongside other services, all of which allow ADIB customers to enjoy fast and secured 24/7 banking experience without leaving their office.
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About ADIB
ADIB is a leading Islamic bank with more than AED 125 billion in assets. Established in 1997, the bank provides world-class, Sharia’a-compliant retail, corporate, business, private banking and wealth management solutions through award-winning digital channels and across an extensive branch network. The bank has a presence in six strategic markets, including Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq. Its shares trade on the Abu Dhabi Stock Exchange (ADX).
ADIB has more than 2,000 employees and remains one of the leading banks in the recruitment, development and promotion of local talent across all of its geographies. The bank has one of the highest Emiratization ratios and approximately 36 percent of the bank’s workforce are UAE nationals.
Named ‘World’s Best Islamic Bank’ by the Financial Times’ The Banker publication, ADIB has a rich track record of innovation based on a desire to always improve its customers’ banking experience. Amongst other benefits, the bank’s recent digital transformation programme has led to the creation of a new generation of technology-enhanced branch, ADIB Express, which combines the benefits of digital banking with a highly-personalised customer service, and Express Finance, providing qualifying customers with access to personal finance through a mobile app in less than 30 minutes.
For media information, please visit www.adib.ae or contact:
ADIB
Radwa Shehab
Head of External Communications
Direct: +971 2 6910169
Mobile: +971504734482
Brunswick Group
Sarah Abdelbary
Account Director
Direct: +971 2 234 4600
Mobile: +971561748649
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