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Company News, Business

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ADIB to pay $462m cash dividend

The bank will pay a cash dividend of $462 million. (ADIB)
By Hilal Mir
March 7, 2023 9:29 pm
  • This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
  • The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.

Abu Dhabi, UAE — Abu Dhabi Islamic Bank (ADIB) Tuesday said it will pay a cash dividend of AED1.7 billion ($462 million), or 49 fils per share, for the year ending 31 Dec 2022.

This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank’s net profit for the year, ADIB said. ADIB said it also delivered a Return on Equity (ROE) of 21.4 percent.

The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.

The bank also reported a 60 percent growth in net profit in Q4 2022 to $326 million (AED1.2 billion), compared to $198 million (AED728 million) in Q4 2021.

ADIB’s revenue increased by 23 percent to $1.8 billion in 2022, driven by a 43 percent increase in fees and commissions and a 24 percent growth in funded income.

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