Abu Dhabi: Muhannad Dagher
The proposed cash dividends for 9 national banks listed on the Abu Dhabi and Dubai financial markets amounted to 20.5 billion dirhams for the year 2022, compared to dividends worth 15.3 billion dirhams for the year 2021, an increase of 33.9%, amid strong profits recorded by the banking sector; This is according to a special analysis of the “Gulf” that included 5 national banks listed on the Abu Dhabi Stock Exchange, namely: First Abu Dhabi, Abu Dhabi Commercial, Abu Dhabi Islamic, Sharjah Islamic, and Umm Al Quwain National, while the banks listed on the Dubai Market included 4 banks, namely: Emirates Dubai National, Dubai Islamic, Commercial Dubai, Mashreq Bank.
The Board of Directors of “First Abu Dhabi Bank” recommended distributing cash dividends to shareholders at a rate of 52% (equivalent to 52 fils / share) of the capital for the year 2022, with a total of 5.74 billion dirhams, compared to a distribution rate of 49%, with a total of 5.35 billion dirhams for the year 2021. .
First Abu Dhabi Bank achieved record results during 2022, recording net profits of 13.4 billion dirhams, supported by the strong performance of the bank’s core business, high interest rates, with the continuation of thoughtful risk management and cost control, in conjunction with the continuation of investments, according to the bank.
“Abu Dhabi Commercial”
For its part, the Board of Directors of “Abu Dhabi Commercial Bank” recommended a dividend distribution of up to 0.55 dirhams per share for the year 2022 (compared to 0.37 dirhams per share for 2021), which represents 60% of net profits (compared to 49% for 2021) and equals 3.827. One billion dirhams (compared to 2.57 billion dirhams in 2021).
The proposed dividend distribution consists of 33% cash dividends (cash dividends of AED 0.18 per share) and 67% shares (stock dividends of AED 0.37 per share). The issuance of shares, at the rate of one bonus share for every 19.19 shares, aims to strengthen the bank’s capital position, to support reinvestment in the development of the main business of the Abu Dhabi Commercial Bank Group.
Abu Dhabi Islamic
According to the data, Abu Dhabi Islamic Bank announced; That its board of directors has recommended distributing cash dividends to shareholders of 48.99% (equivalent to 48.99 fils/share) of the capital for the year 2022, with a total of 1.779 billion dirhams; This is compared to a dividend of 31.11%, equivalent to 1.13 billion dirhams for the year 2021.
“Sharjah Islamic”
In turn, the Board of Directors of Sharjah Islamic Bank recommended distributing cash dividends to shareholders of 10% of the capital (equivalent to 10 fils per share), and bonus shares of 5% (equivalent to one share for every 20 shares) of the capital for the year 2022, to reach The total proposed profits are 308.16 million dirhams, compared to a dividend of 8%, with a total of 246.5 million dirhams for the year 2021.
“Umm Al Quwain National”
With regard to the dividend distribution of the National Bank of Umm Al Qaiwain, the Board of Directors recommended distributing cash dividends to shareholders at 10% (equivalent to 10 fils per share) of the capital for the year 2022, with a total of 200 million dirhams, compared to 8%, with a total of 147.84 million dirhams in 2021.
Emirates NBD
With regard to the national banks listed on the Dubai Financial Market, the Board of Directors of Emirates NBD recommended; distributing cash dividends to shareholders of 60% (equivalent to 60 fils/share) of the capital for the year 2022, equivalent to 3.79 billion dirhams; This compares to a dividend of 50% in 2021, amounting to 3.158 billion dirhams.
“Islamic Dubai”
Dubai Islamic Bank announced that its board of directors recommended distributing 30% cash dividends to shareholders, equivalent to 30 fils per share of the capital for the year 2022, equivalent to 2.17 billion dirhams, compared to 25% dividends, with a total of 1.8 billion dirhams.
Mashreq Bank
The Board of Directors of Mashreq Bank recommended distributing cash dividends to shareholders of 90% (equivalent to 9 dirhams per share) of the capital for the year 2022, equivalent to 1.8 billion dirhams, compared to 10% dividends at a value of 200.61 million dirhams.
“Dubai Commercial”
In turn, the Board of Directors of the Commercial Bank of Dubai recommended the distribution of cash dividends of 26.05% .. and bonus shares of 6.51% of the capital for the year 2022, equivalent to 730.1 million dirhams (912.57 million dirhams with the grant, or up to 32.5 fils); This is compared to a cash dividend of 25.88%, amounting to 725.35 million dirhams.
