Latest news with #Dh3.030
Al Etihad
12-03-2025
- Business
- Al Etihad
Abu Dhabi Islamic Bank shareholders approve Dh3.030 billion cash dividend
10 Mar 2025 19:30 ABU DHABI (WAM) Abu Dhabi Islamic Bank (ADIB) shareholders, during the Annual General Assembly (AGM), 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 percent of capital, representing a total payout of Dh3.030 billion equivalent to 50 percent of 2024 net profit, marking an increase from 71 fils per share 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 reported a net profit before tax for 2024 of Dh6.9 billion, marking a 26 percent increase from last year. The strong balance sheet growth, coupled with increased business momentum and diversified revenue growth, has fuelled the bank's exceptional financial profit after tax for 2024 stood at Dh6.1 billion, reflecting a 16 percent increase compared to the full year 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 a three-year term, the elected Board of Directors comprises: Jawaan Awaidha Al Khaili, Dr. Faisal Sultan Al-Shuaibi, Khalifa Matar Al-Mheiri, Abdulla Ali Musleh Al Ahbabi, Najib Youssef Fayyad, Abdul Wahab Al-Halabi, and Maha Al on the bank's performance in the annual report, 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 Dh6.9 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 percent 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 capitalise 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 percent to a record level of Dh6.9 billion. This success was driven by a 14 percent 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 Dh226 billion, driven by customer financing growth which expanded by 22 percent 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 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, emphasising the use of Gen AI, focusing on Emiratisation and sustainability.'
Khaleej Times
10-03-2025
- Business
- Khaleej Times
ADIB shareholders approve Dh3.030 billion cash dividend
Shareholders of Abu Dhabi Islamic Bank (ADIB) on Monday approved the distribution of a cash dividend of 83 fils per share or 83 per cent of capital. This represents a total payout of Dh3.030 billion equivalent to 50 per cent 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 Dh6.9 billion, marking a 26 per cent 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 Dh6.1 billion, reflecting a 16 per cent increase compared to the full year 2023. Jawaan Awaidha Suhail Al Khaili, ADIB's chairman, said: 'ADIB achieved exceptional results in 2024 with net profit before tax reaching Dh6.9 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 per cent 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 per cent to a record level of Dh6.9 billion. This success was driven by a 14 per cent 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 Dh226 billion, driven by customer financing growth which expanded by 22 per cent 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.
Khaleej Times
28-01-2025
- Business
- Khaleej Times
Abu Dhabi Islamic Bank to distribute Dh3.03 billion dividend for 2024
Abu Dhabi Islamic Bank (ADIB) on Tuesday announced a cash dividend per share of 83 fils for 2024 amounting to Dh3.030 billion, its highest payout since inception. The amount, which is equivalent to 50 per cent of ADIB's 2024 net profit, was announced as the lender recorded a 26 per cent year-over-year to Dh6.9 billion for 2024, resulting in an industry-leading return on equity of 28 per cent. Net profit after tax grew 16 per cent year on year to Dh6.1 billion. For the fourth quarter of 2024, net profit before tax reached Dh1.6 billion, up seven per cent year on year. Revenue for 2024 improved by 14 per cent to Dh10.6 billion compared to Dh9.3 billion last year. 'This growth was supported by strong increases in both income from financing activities and non-funding income. The strong business volumes across all segments and products, along with continued strength in fee-based businesses, played a significant role in this improvement,' the bank said in a statement. Funded income grew by seven per cent year-over-year to Dh6.6 billion in 2024, compared to Dh6.1 billion last year. This growth was driven by solid business volumes. Net profit margin (NPM) reached 4.35 per cent. Non-funded income grew by 28 per cent year-over-year to reach Dh4.1 billion in 2024, compared to Dh3.2 billion last year. This growth reflects continued strength in fee-generation revenues, which saw a 12 per cent increase from various product sales, and a 39 per cent growth in investment income. 'Non-funded income now contributes 38 per cent to operating income, up from 34 per cent in 2023, underlining the continued strategic focus on revenue diversification,' the bank said. Operating expenses for 2024 were Dh3.1 billion, reflecting a 3 per cent year-over-year increase. The cost to income ratio improved by 3.4 percentage points to 29.6 per cent in 2024, compared to 32.9 per cent in 2023. Impairments fell 18 per cent to Dh620 million during 2024, translating to a cost of risk (CoR) of 53bps. The non-performing asset ratio improved to 4.0 per cent, its lowest level since Q1 2017, due to active remediation of the bank's legacy portfolio coupled with strong underwriting standards. The provision coverage ratio, including collaterals, improved by 17.9 percentage points to 157.4 per cent. The provision coverage ratio (excluding collaterals) improved to 81.5 per cent from 74.3 per cent year-over-year. Total assets increased by 17 per cent year-over-year to reach Dh226 billion. Customer financing grew by 24 per cent year-over-year, representing Dh28 billion increase in financing in 2024. Customer deposits rose by 16 per cent year-over-year to Dh183 billion, compared with Dh157 billion last year. 'This growth maintained a healthy funding mix, with a 9 per cent year-over-year growth in Current and Savings Accounts (CASA), which now comprise 61 per cent of total deposits,' the bank said. ADIB maintained a robust capital position with a common equity tier 1 ratio of 12.1 per cent and a total capital adequacy ratio of 16.2 per cent. The bank's liquidity position was healthy and within regulatory requirements, with the advances to stable funding ratio at 81.0 per cent and the eligible liquid asset ratio at 17.8 per cent. Total shareholders' equity rose 11 per cent year-over-year to Dh23 billion, led by growth in earnings. 'We believe this broad momentum sets up 2025 very well for ADIB. 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,' said Jawaan Awaidah Al Khaili, ADIB chairman. 'ADIB continued to successfully execute its ambitious growth strategy against a positive economic backdrop in the UAE. The Bank delivered solid financial performance, achieving record highs in net profit and return on equity. This is testament to ADIB's unique market position, our customer centric approach, underpinned by a solid balance sheet and prudent risk management. 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,' said Mohamed Abdelbary, ADIB's group chief executive officer.
