Abu Dhabi Islamic Bank approves dividend of 24.52%

Abu Dhabi Islamic Bank (ADIB) approved a dividend of 24.52 per cent for year 2016 for its shareholders at its annual general meeting in Abu Dhabi on Sunday evening.

The AGM had a quorum of 50 per cent.

The bank’s board had recommended a dividend of a 24.52 per cent when it announced financial results for 2016 in February.

In the bank’s annual report 2016 which was released on Sunday, Tirad Al Mahmoud, Group Chief Executive Officer said the prospects for the UAE as a whole in 2017 are encouraging, supported by stability in oil prices and emphasis on non-oil growth.

“Nonetheless, we continue to forecast modest customer financing growth in the UAE. Our focus remains on pursuing growth strategies in select segments.”
 
Al Mahmoud is currently on medical leave and the annual general meeting was chaired by Khamis Buharoon who is the vice-chairman of the ADIB Board of Directors.
 
Abu Dhabi Islamic Bank reported a net profit of Dh1.95 billion in 2016, marking a 1 per cent increase over the Dh1.93 billion recorded in 2015

source : gulfnews