By: Ramy Sameeh
Abu Dhabi – Mubasher: Shareholders at Abu Dhabi Commercial Bank (ADCB) on Tuesday approved a cash dividend distribution of 40 fils per share, representing 40% of capital for the fiscal year which ended 31 December 2016.
Total dividends for 2016 amount to AED 2.23 billion ($607.2 million) and are lower than the bank’s distributions for 2015, which amounted to 45 fils per share and totalled AED 2.51 billion ($683.4 million), according to statistics by Mubasher.
The announcement came during the bank’s ordinary general meeting (OGM), which also approved the general budget and the profit/loss account for 2016.
Abu Dhabi’s second largest bank by assets reported a 15.2% decline in its profits for the fourth quarter of 2016 to AED 1.01 billion ($275 million) compared to AED 1.19 billion ($323 million) in the same period the year before.
Annual net profits also fell 15.6% to AED 4.16 billion in 2016 from AED 4.93 billion in 2015.
The Abu Dhabi government holds a 62.52% stake in ADCB through its investment arm the Abu Dhabi Investment Council.
Translated by: Nada Adel Sobhi
