Abu Dhabi,
UAE - March 29, 2020: Shareholders of Abu
Dhabi Islamic Bank (ADIB) have voted in favour of increasing the foreign
ownership limit from 25% to 40% at the bank’s Annual General Meeting (AGM), which
took place on Sunday, 29th March 2020 at ADIB’S HQ.
The
shareholders also approved the distribution of cash dividends of 27.38 fils per
share for 2019, which represents 38.23% of
the bank’s full year net profits, equivalent to AED 994.313 million, as well as
the Board of Directors Report, the Auditors Report and Financial Statements for
the year.
In its
2019 annual report, ADIB stated that despite a challenging global operating
environment and intensified competition in the banking sector, the bank has
delivered sustainable results while providing consistent returns to
shareholders. This is testament to the successful implementation of business
strategies and a dedication to delivering best-in-class product propositions
for ADIB’s customers.
As a response
to the interest from global investors, ADIB decided to increase the foreign
ownership limit to 40%. This will allow ADIB to diversify its investor base and
will also help strengthen UAE’s position in the global capital markets and solidify
its reputation as an attractive destination for foreign direct investment.
Commenting
on ADIB’s financial performance, Mazin Manna, ADIB Group CEO, said: “2019
marked another successful year for ADIB with a healthy increase of profit and revenues
across key businesses. This has been complemented by our discipline in managing
costs across the bank by implementing a number of optimization initiatives,
resulting in a flat expense base. In addition, our investment into digital
transformation has proven successful, enabling us to maintain a seamless
service to customers at a time when we are all trying to limit our movement.”
ADIB reported
a net profit of AED 2.6 billion for 2019, up 4% from 2018 driven by a growth in
customer finance and higher investment
and foreign exchange income. Group net revenue increased by 2.5% to AED
5.9 billion. The bank remains well-capitalised with a strong balance sheet that
is positioned to grow and deliver outstanding value to its stakeholders.
Through a
targeted digital transformation programme, ADIB continues to heavily invest in
technological infrastructure that drive efficiencies and establish a seamless
banking experience. In 2019, ADIB launched a number of new services and
features, including adding new features to the mobile banking experience
enabling pre-approved customers to receive funds instantly, apply for a card or
update customer information instantly from the app. ADIB also upgraded its transaction banking and
trade finance proposition with the launch of “ADIB Direct”, a new digital
banking platform for businesses that integrates a suite of banking solutions
into a single, streamlined interface. The platform includes ADIB Office
Banking, which provides a number of remote access solutions, such as cheque
printing, cheque scanning, alongside other services, all of which allow ADIB
customers to enjoy fast and secured 24/7 banking experience without leaving
their office.