Home Banking & Finance ADIB shareholders approve dividend of 71 fils per share for 2023

ADIB shareholders approve dividend of 71 fils per share for 2023

The dividend represents an increase from 49 fils per share in 2022, constituting 49% of the bank’s net profit for the year

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Abu Dhabi Islamic Bank (ADIB) has approved a cash dividend of AED2.6 billion, 71 fils per share for the fiscal year ending  December 31, 2023.

The dividend represents an increase from 49 fils per share in 2022, constituting 49% of the bank’s net profit for the year.

The Islamic bank achieved a record return on equity (ROE) of 27.1%, demonstrating its strong momentum in its core operations, bolstered by a robust and resilient local economy, alongside its commitment to transformative initiatives.

“ADIB achieved exceptional results in 2023, surpassing the AED5 billion milestone in net profit. This notable increase in profitability, coupled with our robust capital position, has enabled us to propose an enhanced dividend payout of 71 fils per share,” said Jawaan Awaidha Suhail Al Khaili, ADIB’s Chairman.

ADIB achieved record-breaking performance in 2023, 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 actively digital customers through improvements to its mobile app.

Nasser Al Awadhi, ADIB’s Group CEO said the bank’s success was fuelled by increased transaction volumes and improved margins, supported by an efficient funding base and higher yields.

Moreover, in line with sustainability goals, ADIB strengthened its ESG strategy and governance framework to drive its sustainable banking agenda for the next three years, underscoring its dedication to growth, performance, and innovation.