Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) shareholders will get a dividend of 28.87 per cent for 2017, the annual general meeting approved on Wednesday. The cash dividend represents 39.76 per cent of full year net profits for 2017, according to a statement from the bank.
ADIB reported a net profit of Dh2.3 billion for 2017, up 17.7 per cent from 2016, driven by higher income from fees, foreign exchange, investments and reduction in cost of credit.
Revenue increased by 4.6 per cent to Dh5.6 billion, while the bank also benefited from lower credit provisions and impairments in 2017 decreasing by 18.5 per cent from a year earlier.
“We are confident that our financial strength and our focus on leveraging innovation and providing a high-quality banking experience will help us attract more customers and deliver long-term shareholder value,” said Khamis Buharoon, ADIB’s vice-chairman and acting CEO.
Over 95 per cent of financial transactions were carried out on ADIB’s digital platforms during 2017, including an average of 2 million mobile transactions every month. The bank’s investment in digital platforms, to complement an extensive branch network, helped to achieve customer growth of 6.7 per cent year-on-year to over 982,000.
