The General Assembly of the First Abu Dhabi Bank approved the safest bank in the Middle East and the largest banks in the UAE and listed on the Abu Dhabi Financial Market during its meeting to distribute cash dividends at 74% of the capital (74 fils per share) and an amount of 8.06 billion dirhams, an increase of 6 % Compared to last year.
During its meeting yesterday, Monday, the association approved a proposal to raise the percentage of foreign ownership in the bank’s shares from 25% to 40% after obtaining the necessary approvals from the regulatory authorities.
The total dividends are a record for the First Abu Dhabi Bank and historically in the sector dividends, and is the highest distribution of cash dividends in the UAE.
These distributions come amid a rich history of generous distributions to shareholders as the bank distributed cash dividends to shareholders at 70% of the capital, provisions and reserves, equivalent to 70 fils per share, and a total of AED 7.63 billion, for the year 2017. < / p>
The bank achieved net profits during the year 2018, amounting to 12.1 billion dirhams, compared to 10.9 billion dirhams in 2017. Its operating income declined in 2018 to 19.4 billion dirhams, compared to 19.5 billion dirhams in 2017.
With regard to the road to external expansion, it is planned during the next few months to open two new branches in Khobar and Jeddah in the Kingdom of Saudi Arabia.
Meanwhile, the bank intends to issue bonds ranging from $ 2 to $ 4 billion in 2019.
