UAE's ADCB recommends $511.3mln in cash dividends for 2020 | ZAWYA MENA Edition
Abu Dhabi Commercial Bank (ADCB) recommended a cash dividend of AED 0.27 per share, translating to a pay-out of AED1.878 billion, or 49% of the net profit for 2020.
This came as the ADCB held today 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.
"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.
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