The general assembly of “Abu Dhabi Commercial” approves the distribution of 1.8 billion dirhams
The general assembly of “Abu Dhabi Commercial” approves the distribution of 1.8 billion dirhams
The General Assembly of Abu Dhabi Commercial Bank, in its hypothetical meeting yesterday, chaired by His Excellency Khaldoun Khalifa Al Mubarak, Chairman of the Board of Directors and in the presence of the members of the Board of Directors, agreed to distribute cash dividends of 0.27 dirhams per share, equivalent to a total amount of 1.878 billion dirhams, or 49% of the Net profit.
His Excellency Khaldoun Al Mubarak said: Abu Dhabi Commercial Bank is one of the most important pillars of the national economy in the UAE, and as the new Chairman of the Board of Directors I have the honor to participate with all shareholders in strengthening the banks strength and benefiting from the great changes and transformations that occur in various sectors.
He added: We start in the new year while we are witnessing influential developments and events on the global level.
The outbreak of the Covid-19 virus has been one of the most prominent challenges facing our country.
Al Mubarak said: During the year 2020, the bank launched a growth and development strategy for the next five years to keep pace with the transformation that we are witnessing in the business and individual sectors. The strategy aims to expand the banks offerings and products, in addition to enhancing its financial performance.
For his part, Alaa Erekat, Chief Executive Officer of the Bank Group and a member of the Board of Directors, said that the total value of support provided by ADCB to more than 67 thousand of its individual and corporate customers amounted to 11.018 billion dirhams since the launch of the plan until the end of December 2020.
We are pleased to announce that the bank has received payment of 4.819 billion dirhams, bringing the total deferred amounts to 6.199 billion dirhams as of December 31, 2020.
We continued to participate in the citizens loans program launched by the Central Bank to ease the debt burden of UAE citizens by reducing the interest rate.
In the period between April 2019 to December 2020, we succeeded in reducing the interest rate on nearly 4 billion dirhams of loans to citizen customers, as the bank bore the difference between the contracted interest rate and the modified rate over the period of the loan, and about 2,500 citizen customers benefited from the program. .
Erekat added that the year 2020 witnessed the completion of the historical merger and business consolidation with Union National Bank and Al Hilal Bank, within a record period of time much less than the predetermined plan and in a way that exceeds all regional and global standards, noting that 90% of the work team assigned to accomplish the task had to work remotely due to The Covid-19 pandemic. Just 11 months after the legal takeover in May 2019, we were able to establish a strong banking group.
Aashif Shaikh
Mumbai, India