UAE lender ADIB recommends dividend of 46.6% for 2020

ADIB reported a 38% fall in net profit for the full year 2020

  
Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange. Image for illustrative purposes

Investors speak as they monitor stocks at the Abu Dhabi Securities Exchange. Image for illustrative purposes

REUTERS/Stringer

Abu Dhabi Islamic Bank (ADIB) said its board of directors recommended a cash dividend of 20.58 fils ($0.56) per share, representing 46.6 percent of net profit for the fiscal year 2020.

The dividend distribution is pending shareholders' approval at the bank's general assembly meeting, which is scheduled for April 4, 2021.

ADIB reported a 38 percent fall in net profit for the full year 2020 to 1.6 billion dirhams compared with 2.6 billion dirhams in 2019.

In 2020, ADIB raised the percentage of foreign ownership limit from 25 percent to 40 percent of its issued capital.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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