KHALEEJ TIMES, Thursday, Mar 25, 2021 | Shaaban 11, 1442
ADCB proposes Dh1.878b in cash dividends
Emirates:
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