Officials during the 36th Annual General Assembly in Abu Dhabi. WAM

Abu Dhabi Commercial Bank (ADCB) recommended a cash dividend of Dhs0.27 per share, translating to a pay-out of Dhs1.878 billion, or 49% of the net profit for 2020.

This came as the ADCB held on Wednesday its 36th Annual General Assembly virtually, in its head office building in Abu Dhabi. The meeting was chaired by Khaldoon Khalifa Al Mubarak, Chairman of the Board of Directors, in the presence of Board Members.

Commenting on the bank’s performance, Al Mubarak said, “ADCB is one of the UAE’s most significant players in the national economy. As the new Chairman of ADCB, I am honoured to participate with the various stakeholders in building on the bank’s strengths to capitalise on the fundamental transformation we see taking place across many sectors of activity.” He said, “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.

“Despite the complex operating environment of 2020, the merger with Union National Bank and Al Hilal concluded successfully. 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.”

“During April 2020, the eleven-month integration process with Union National Bank and Al Hilal Bank concluded. The merger establishes ADCB as the third-largest financial institution by assets in the UAE, with over one million customers. ADCB is now entering its next phase of development, focusing on digital transformation, delivering sustainable growth and continuously improving and innovating our customer experience.”

He added, “On behalf of the Board and all at ADCB, I extend our most sincere appreciation and gratitude to President His Highness Sheikh Khalifa Bin Zayed Al Nahyan; to His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; to Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and the UAE Central Bank for their guidance and ongoing support.”

 The Annual General Assembly 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.