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ADCB proposes Dh1.878b in cash dividends

Abu Dhabi - Proposal was made during the Annual General Assembly held virtually.

Abu Dhabi Commercial Bank (ADCB), the third-largest financial institution by assets in the UAE, said on Wednesday that it had proposed a cash dividend of Dh0.27 per share, translating to a pay-out of Dh1.878 billion, or 49 per cent of the net profit for 2020.

The proposal was made at the 36th Annual General Assembly held virtually, and chaired by Khaldoon Khalifa Al Mubarak, chairman of the Board of Directors.

Declaring that the bank is entering its next phase of development, Al Mubarak said as the new chairman of the bank, he would participate with the various stakeholders in building on the bank’s strengths to capitalise on the fundamental transformation taking place across many sectors of activity.

“We enter a new year with developments that are literally affecting the entire world. The onset of Covid-19 has been one of the greatest challenges our nation has faced. Therefore, it is a point of pride that ADCB has played its part in the national response by protecting our economy and the livelihoods of key stakeholders,” Al Mubarak said in a statement.

He said despite the complex operating environment of 2020, the merger with Union National Bank and Al Hilal was concluded successfully. The merger establishes ADCB as the third-largest financial institution by assets in the UAE, with over one million customers, he said.

“ADCB is now entering its next phase of development, focusing on digital transformation, delivering sustainable growth and continuously improving and innovating our customer experience,” said Al Mubarak.

“Moreover, and to accompany the transformation we see in both the business and consumer segments, ADCB has adopted a five-year development strategy that aims to broaden the bank’s product offering and coverage, and at the same time strengthening its financial performance.”

The GGM absolved the board members from responsibility for their work during 2020. The board members discussed and approved the Board of Directors Report on the Banks’ activities and its financial position for the year ended December 31st, 2020, and then moved to absolve the External Auditors from responsibility for their work during 2020, the statement said.

The attendees approved the appointment of Ernst & Young as the external auditors for the year 2021 and authorised the Board of Directors to determine their fees for the same year.issacjohn@khaleejtimes.com