ADIB Shareholders approve AED 3.030bln cash dividend at Annual General Meeting
Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has concluded its Annual General Assembly (AGM) today at ADIB HQ. Shareholders discussed and approved all agenda items, including the election of Board of Directors for a new term and the distribution of a cash dividend of 83 fils per share or 83% of capital. This represents a total payout of AED 3.030 billion equivalent to 50% of 2024 net profit, marking an increase from 71 fils per share in 2023.
In addition to approving the dividend payout, the AGM highlighted ADIB's strong business momentum, its outstanding performance in 2024, and its solid platform for future growth.
ADIB reported a net profit before tax for 2024 of AED 6.9 billion, marking a 26% increase from last year. The strong balance sheet growth, coupled with increased business momentum and diversified revenue growth, has fueled the bank's exceptional financial performance. Net profit after tax for 2024 stood at AED 6.1 billion, reflecting a 16% increase compared to the full year 2023.
During the meeting, shareholders elected the Board of directors and approved the board of directors' report, the auditors' report and the financial statements for the year 2024.
Serving a three-year term, the elected Board of Directors comprises:
H.E. Jawaan Awaidha Al Khaili
Dr. Faisal Sultan Al-Shuaibi
Mr. Khalifa Matar Al-Mheiri
Mr. Abdulla Ali Musleh Al Ahbabi
Mr. Najib Youssef Fayyad
Mr. Abdul Wahab Al-Halabi
Ms. Maha Al Qattan
Commenting on the bank's performance in the annual report, H.E. Jawaan Awaidha Suhail Al Khaili, ADIB's Chairman, said: 'We thank our shareholders for their trust and for electing the board of directors which includes some of the most prominent leaders in business, strategy, and the financial and banking services. ADIB achieved exceptional results in 2024 with net profit before tax reaching AED 6.9 billion. This notable increase in profitability, coupled with our robust capital position, has enabled the Board to propose an enhanced dividend payout of 83 fils per share. Additionally, the record return on equity of 28% reflects the healthy and resilient local economy coupled with our focus on delivering transformational initiatives that align with the UAE's dynamic economic landscape which enabled us to capitalize on the growth opportunities and deliver exceptional value to our shareholders. We remain focused on accelerating growth through innovative initiatives while strengthening our competitive position. In 2024, we expanded our customer base by attracting approximately 216,000 new customers to ADIB. We also intensified our efforts to advance the sustainability agenda and led initiatives that significantly contributed to our ESG roadmap, including our commitment to reduce carbon emission as part of our Net Zero plan. With the launch of 2035 Vision, we are putting into place a transformative roadmap that positions us at the forefront of our industry. It is a vision that will be fueled by technological advancements, an uncompromising focus on our customers, and a deep commitment to sustainability principles."
Mohamed Abdelbary, ADIB's Group Chief Executive Officer, added: "ADIB delivered outstanding financial results in 2024, with net profit before tax rising by 26% to a record level of AED 6.9 billion. This success was driven by a 14% increase in revenue growth, supported by a higher volume of transactions and an expansion in customer financing, backed by an efficient funding base. Total assets increased to AED 226 billion, driven by customer financing growth which expanded by 22% in 2024. We demonstrated balance sheet strength across all key ratios, with asset quality matrix improving due to active management of legacy portfolios and strong underwriting standards. With our renewed 2035 vision, we aspire to build a future-proof bank that not only meets today's dynamic needs but also anticipates tomorrow's challenges. Our vision aligns closely with the national priorities, emphasizing the use of Gen AI, focusing on Emiratization and sustainability."
ADIB achieved record-breaking performance in 2024, with significant growth across all its businesses. The market share expanded, while customer finance and income increased. Enhancing its digital presence, the bank saw a rise in active digital customers through improvements to its mobile app. Moreover, in line with sustainability goals, ADIB strengthened its ESG strategy and governance framework to drive its sustainable banking agenda, underscoring its dedication to growth, performance, and innovation. Building from our strong foundations as a leading Islamic bank, serving around 1.5 million customers, ADIB has strongly positioned itself for another growth phase backed by its solid financial performance, strong customer base and brand value. ADIB has announced its 2035 vision, reinforcing its ambition to become the World's most innovative Islamic Bank. This long-term strategy will shape ADIB's development over the next 10 years, centred on three strategic pillars that will drive its efforts to achieve this vision.
About ADIB
ADIB is a leading bank in the UAE with AED 226 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997, and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
ADIB has a strong presence in five strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq.
Named World's Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.
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