Shareholders of Abu Dhabi Islamic Bank, ADIB, have approved the appointment of a new board of directors at the Annual General Meeting that took place on Wednesday, 13th of March. They also approved the distribution of cash dividends of 27.38 % for 2018 which represents 39.76% of the bank’s full year net profits, equivalent to AED994 million.
The Board of Directors Report, the Auditors Report and Financial Statements for 2018 were also approved at the AGM.
Serving a three-year term, the newly elected 2019 Board of Directors comprises seven members.
Jawaan Awaidha Suhail Al Khaili, member of the board, said: “We are pleased to announce ADIB’s new Board of Directors, with strong representation from the majority shareholders, and global leaders in the banking and finance industry. I am confident that our newly elected members will enable ADIB to continue to assert itself as a market leader in Islamic banking industry. I would also like to thank all previous members who played a very important role in the bank’s growth journey.”
He added; “Despite market challenges and competition within the UAE banking industry, 2018 marked another successful year for ADIB in which we have achieved solid revenue and net profit growth. We have invested heavily in new technology that can equip customers to conduct banking transactions in a more flexible, convenient and secure way. The bank’s enhanced digital banking platforms and award-winning product offering enabled us to attract over 60,000 new customers in 2018. A major achievement last year was the strengthening of the bank’s capital position through a highly successful rights issue and issuance of a Tier 1 perpetual sukuk. There was notable appetite from a broad range of local and international investors which is a testament to ADIB’s strength and stability as well as the bank’s prospects for further growth and development.”
He continued: “ADIB’s achievements are driven by the dedication and professionalism of colleagues, whose ingenuity, experience and customer focus continue to set the bank apart. The appointment of Mazin Manna as Chief Executive Officer is indicative of our growth ambitions. His experience and leadership, combined with the bank’s financial strength and focus on innovation, provides a compelling proposition that can help us attract more customers and deliver long-term shareholder value.”
ADIB reported a record net profit of AED2.5 billion for 2018, up 8.7% from 2017 driven by a growth in customer financing and an improvement in provisioning. Revenue increased by 2.4% to AED 5.8 billion. In 2018, the bank built a healthy balance sheet following a strengthening of capital through a rights issue and Tier-1 perpetual sukuk issuance, coupled with strong liquidity and good asset quality.
ADIB is currently undergoing a digital transformation programme to boost the bank’s productivity and enhance the customer experience. An initial phase in the bank’s digital strategy was the launch of ADIB Express, a new generation of technology-enabled branch balancing automation with a highly-personalised experience. Over 95% of financial transactions were carried out on ADIB’s digital platforms during 2018, including an average of 2 million mobile transactions every month.