Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced the distribution of 30.66 per cent cash dividends, which represent 50 per cent of full year net profits for 2013.

The bank will also issue 26.87 per cent bonus shares for 2013 to shareholders registered with the Abu Dhabi Securities Market after approval of the Annual General Meeting (AGM), held yesterday (March 26).

The Annual General Assembly of the Bank was chaired by Khalid Khouri, vice chairman of ADIB. The Board of Directors Report, the Auditors Report and Financial Statements for 2013 were also approved at the Assembly.

Speaking on behalf of ADIB’s chairman Jawaan Awaidha Suhail Al Khaili, Khouri said that ADIB was able to deliver another year of strong growth both in profits and assets, with an increase of 20.7 per cent in net profit to Dh1.45 billion ($394 million) over the previous year, and a 19.8 per cent growth in assets to Dh103.2 billion.

This performance was underpinned by our main banking business, which registered strong acceleration in both financing and deposits.

He added that ADIB continued to focus on delivering the best customer experience which granted the bank number one customer service position within UAE banks for three years in a row.

He said that ADIB continued to be one of the leading banks in advocating Emiratisation, employing 941 UAE Nationals at the end of Q4 2013 with a resultant Emiratisation ratio of 48.31 per cent and continued to invest in a wide range of activities that benefited the community at large, including our ‘Smartmoney’ financial literacy program, our support for football in the UAE, various community outreach programs and our sponsorship of humanitarian and cultural activities during the Holy Month of Ramadan.

“The outlook for the global economy and in particular for the Gulf region and the UAE has finally begun to stabilize and the picture is turning towards a period of economic stability, confidence and renewed growth,” Khouri said.

“We believe that through our prudent and ethical approach to business we have managed to steer a steady path through the recent challenging years and are now well positioned both in terms of our first class management team and broad range of services - in the UAE and throughout our international operations - to reap the benefits in the medium and longer term.” – TradeArabia News Service