Abu Dhabi Islamic Bank Approves AED3.030 Billion Dividend Payout, Elects New Board At AGM

Abu Dhabi Islamic Bank (ADIB) shareholders approved all agenda items at the Annual General Meeting (AGM), including the election of a new Board of Directors and the distribution of a cash dividend of 83 fils per share, or 83% of capital. This total payout of AED 3.030 billion represents 50% of the bank's 2024 net profit, an increase from 71 fils per share in 2023.

ADIB also reviewed and approved all agenda items, including electing a new Board of Directors and approving a cash dividend of 83 fils per share, which is 83% of the bank's capital. Along with the dividend approval, the AGM highlighted ADIB's strong business growth, excellent performance in 2024, and a solid foundation for future expansion.

ADIB reported a net profit before tax of AED 6.9 billion for 2024, showing a 26% increase from the previous year. The bank's strong financial performance was driven by growth in its balance sheet, increased business activity, and diversified revenue streams, WAM reported.

After tax, ADIB's net profit for 2024 stood at AED 6.1 billion, reflecting a 16% rise compared to 2023. During the AGM, shareholders elected a new Board of Directors and approved key reports, including the Board of Directors' report, the auditors' report, and the financial statements for 2024.

The newly elected Board of Directors will serve a three-year term and include 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 Qattan.

ADIB's Group Chief Executive Officer Mohamed Abdelbary reported that the bank achieved strong financial results in 2024, with net profit before tax increasing by 26% to AED 6.9 billion.

This growth was driven by a 14% rise in revenue, supported by higher transaction volumes and expanded customer financing, backed by an efficient funding base. The bank's total assets grew to AED 226 billion, with customer financing increasing by 22% during the year.

ADIB also strengthened its balance sheet across key financial ratios, improving asset quality through active management of past portfolios and strong underwriting standards.

As part of its 2035 vision, the bank aims to build a future-ready financial institution that adapts to changing needs while anticipating future challenges. This vision aligns with national priorities, focusing on artificial intelligence (Gen AI), Emiratisation, and sustainability.

ADIB Chairman Al Khaili expressed gratitude to shareholders for their trust and for electing a board of directors with expertise in business, strategy, and banking. He highlighted ADIB's strong performance in 2024, with net profit before tax reaching AED 6.9 billion.

He further said the bank also reported a record return on equity of 28%, reflecting a resilient local economy and a strategic focus on transformational initiatives that align with the UAE's economic growth.

In 2024, the bank expanded its customer base by 216,000 new customers and advanced its sustainability efforts as part of its ESG roadmap. It also made progress on its Net Zero plan to reduce carbon emissions.