National banks reward their shareholders with dividends exceeding AED 21.5 billion

National banks listed on the local capital markets rewarded their shareholders with generous dividends for the past year, in an indication of their strong solvency and cash flows, making them the highest in terms of dividends compared to their counterparts in the Middle East and North Africa region.

According to the monitoring of the Emirates News Agency (WAM), the total dividends to national banks amounted to AED 21.5 billion distributed among 12 banks listed on the Abu Dhabi and Dubai Financial Markets, of which AED 18.35 billion were cash dividends and AED 3.1 billion were bonus dividends.

Banks listed on the Abu Dhabi Securities Exchange (ADX) accounted for the largest share of total cash and bonus distributions at 59.2% or AED 12.7 billion, including AED 9.85 billion in cash dividends and AED 2.84 billion in free distributions.

According to the monitoring, banks listed on the Dubai Financial Market accounted for 40.8% of total distributions worth AED 8.75 billion, including AED 8.49 billion in cash dividends and AED 255.9 million in free distributions.

The General Assembly of First Abu Dhabi Bank (FAB) approved the distribution of cash dividends to shareholders of 52% of the paid-up capital, equivalent to AED 0.52 per share, with a total of AED 5.74 billion for 2022, an increase of 7% compared to 2021.

ADCB's General Assembly approved a dividend of AED 0.55 per share, including a cash dividend of AED 0.18 and bonus shares of AED 0.37 per share, totalling AED 3.827 billion, representing 60% of net profits.

Emirates NBD's General Assembly approved a dividend of 60 fils per ordinary share, with a total value of AED 3.789 billion from last year, in light of the strong results achieved with net profit growing by 40% to AED 13 billion.

DIB's Annual General Meeting approved the distribution of 30% cash dividends totalling AED 2.2 billion, with record net profit growth of AED 5.6 billion, the highest ever in the bank's history.

Mashreq's General Assembly approved the distribution of cash dividends to shareholders of 90% of the capital, equivalent to AED 1 per share, for a total of AED 805.3 billion from last year after the bank achieved a net profit of AED 7.<> billion.

ADIB's General Assembly approved a cash dividend of AED 1.7 billion, equivalent to 49 fils per share, for the previous year compared to 31 fils in 2021, representing 49.2% of the bank's total net profit for the financial year 2022.

The General Assembly of Commercial Bank of Dubai also approved a dividend of AED 912.5 million for the year 2022, including a cash dividend of 26.05% equivalent to 26.05 fils per share for a total of AED 730.1 million, and bonus shares of 6.51% equivalent to 6.51 shares per 100 shares of capital for a total of AED 182.4 million.

The Board of Directors has recommended to RAKBANK's General Assembly, which will be held on April 10, a proposal to distribute cash dividends of AED 569.9 million, equivalent to 34% of the capital, or 34 fils per share.

The General Assembly of Sharjah Islamic Bank approved a dividend of 15% totalling AED 462.2 million distributed over 10% cash dividends of AED 308.1 million and 5% bonus shares of the company's capital of AED 154 million.

NBQ's General Assembly also approved the distribution of cash dividends of AED 200 million equivalent to 10% of the paid-up capital.

NBF's General Assembly approved the distribution of dividends through bonus shares of 6% equivalent to AED 120 million of the paid-up capital for the previous year.

Ajman Bank's Board of Directors proposed distributing dividends to shareholders in the form of bonus shares of 3.5% of the paid-up capital by issuing 73.5 million bonus shares totaling AED 73.5 million after obtaining the approval of the Central Bank of the UAE and the Securities and Commodities Authority and submitting recommendations to the General Assembly for approval.