During the Annual General Assembly (AGM) of Abu Dhabi Islamic Bank (ADIB), shareholders deliberated and ratified all agenda items, which included the election of a new Board of Directors and the distribution of a cash dividend of 83 fils per share, equating to 83 percent of capital. This payout signifies a total distribution of AED3.030 billion ($825 million), representing 50 percent of the net profit for 2024, an increase from 71 fils per share in 2023.
Highlighting strong business momentum
In addition to endorsing the dividend payout, the AGM underscored Abu Dhabi Islamic Bank’s robust business momentum, its remarkable performance in 2024, and a solid foundation for future growth, WAM reported.
ADIB reported a pre-tax net profit for 2024 of AED6.9 billion, marking a substantial 26 percent rise from the previous year. This remarkable financial performance has been driven by strong balance sheet growth and diversified revenue streams. The net profit after tax for 2024 amounted to AED6.1 billion, illustrating a 16 percent increase compared to the full year of 2023.
Election of the Board of Directors
During the meeting, shareholders elected the Board of Directors and approved the board’s report, the auditors’ report, and the financial statements for the year 2024.
The newly elected Board of Directors, serving a three-year term, includes: 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.
Read more: Abu Dhabi Islamic Bank reports record $1.66 billion net profit for 2024, up 16 percent
Accelerating growth through innovative initiatives
In his comments on the bank’s performance in the annual report, Jawaan Awaidha Suhail Al Khaili, ADIB‘s chairman, stated, “We thank our shareholders for their trust and for electing the board of directors which includes some of the most prominent leaders in business, strategy, and the financial and banking services. ADIB achieved exceptional results in 2024 with net profit before tax reaching AED6.9 billion. This notable increase in profitability, coupled with our robust capital position, has enabled the Board to propose an enhanced dividend payout of 83 fils per share. Additionally, the record return on equity of 28 percent reflects the healthy and resilient local economy coupled with our focus on delivering transformational initiatives that align with the UAE’s dynamic economic landscape which enabled us to capitalise on the growth opportunities and deliver exceptional value to our shareholders.
“We remain focused on accelerating growth through innovative initiatives while strengthening our competitive position. In 2024, we expanded our customer base by attracting approximately 216,000 new customers to ADIB. We also intensified our efforts to advance the sustainability agenda and led initiatives that significantly contributed to our ESG roadmap, including our commitment to reduce carbon emissions as part of our Net Zero plan. With the launch of 2035 Vision, we are putting into place a transformative roadmap that positions us at the forefront of our industry. It is a vision that will be fueled by technological advancements, an uncompromising focus on our customers, and a deep commitment to sustainability principles.”
14 percent increase in revenue growth
Mohamed Abdelbary, Abu Dhabi Islamic Bank’s group chief executive officer, remarked, “ADIB delivered outstanding financial results in 2024, with net profit before tax rising by 26 percent to a record level of AED6.9 billion. This success was driven by a 14 percent increase in revenue growth, supported by a higher volume of transactions and an expansion in customer financing, backed by an efficient funding base. Total assets increased to AED226 billion, driven by customer financing growth which expanded by 22 percent in 2024.
“We demonstrated balance sheet strength across all key ratios, with asset quality metrics improving due to active management of legacy portfolios and strong underwriting standards. With our renewed 2035 vision, we aspire to build a future-proof bank that not only meets today’s dynamic needs but also anticipates tomorrow’s challenges. Our vision aligns closely with the national priorities, emphasising the use of Gen AI, focusing on Emiratisation and sustainability.”
