Adib AGM approves cash dividend

The Annual General Meeting (AGM) of Abu Dhabi Islamic Bank (Adib) has approved a 24.42 per cent cash dividend, equals to 50 per cent of 2011 net profit, to shareholders registered with the Abu Dhabi Securities Market.

The Annual General Assembly of the Bank chaired by Khalid Khouri, Vice Chairman of Adib also approved the Board of Directors Report, the Auditors Report and Financial Statements for 2011.

Speaking on behalf of Adib's Chairman, Jawaan Awaidha Suhail Al Khaili, Khaled Khouri said that Adib Group had managed to achieve good results despite the uncertain and challenging economic climate that prevailed regionally and globally. Adib was able to maintain its strong financial position and provide solid returns to shareholders and depositors. These results are attributable to the effective execution of its strategic priorities including customer service excellence, best-practice risk management, conservative credit policy and recruitment of world-class talent.

He praised the initiative of President His Highness Sheikh Khalifa bin Zayed Al Nahyan to establish a fund and ease the debt burden faced by UAE nationals.

Adib Group reported net profit of Dh1.16 billion for the financial year ended 31st December 2011, an increase of 12.8 per cent over 2010. Its operating profit was almost Dh2 billion. Group's net revenues at the end of 2011 were Dh3.426 billion. Adib added three new branches to its network in the UAE, where the total number of branches reached 69. In addition, it set up 137 new ATMs, resulting in a total of 460 ATMs across the UAE.

Adib's core banking activities performed well and continued to grow market share. Customer activities in the Retail Banking unit performed particularly well, and the division attained the number one ranking for customer service in the UAE in 2011. It grew customer numbers by 6.3 percent to more than 450,000.

The Bank maintained its strong liquidity position. Liquidity maturity matching was also enhanced with the successful issue of a new five-year USD 500 million Sukuk. Furthermore, Adib maintained its conservative approach to non-performing asset recognition and provisioning in line with both best practice and UAE Central Bank guidelines. It ensured a healthy pre-collateral non-performing asset coverage ratio.

He pointed out that the bank will continue its efforts towards enhancing the Emiratisation rate and training of the UAE national workforce. Khaled Khouri expressed pride in the fact that by the end of 2011, the bank's Emiratisation ratio had reached 48 per cent.

Looking to the future, Khouri said that 2012 will be another challenging year. He expressed his confidence that the bank will continue to expand, both geographically and through new products and services.

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