ADCB is a leading institution with a vision and strategy for the future. Our 2013 results demonstrate the Bank’s ability to achieve the goals we set for ourselves. With a strategy and business model that form a strong foundation to build on, ADCB is an ambitious and secure bank, and our employees are very well equipped to help their customers achieve their financial goals. In this pursuit, ADCB plays a fundamental role in helping Abu Dhabi, the UAE, and their businesses and communities to prosper.
ADCB’s strong performance also reflects the Bank’s commitment to the Abu Dhabi Economic Vision 2030. ADCB moves in concert with the Vision’s policy agenda and principles, as well as with its stated goal that the emirate should become a shining example on the international business stage.
As a result of the Bank’s continued healthy financial position and capital base, and the strong performance of the Bank’s core businesses in 2013, the Board has recommended a 30% cash dividend, subject to approval by the shareholders at the Annual General Meeting and the UAE Central Bank.
The Board met in October 2013 to review the Bank’s strategy. Following that review, the Board and management reaffirmed the Bank’s existing strategy, subject to certain adjustments necessary to enable the Bank to maintain its share of a market that is increasingly competitive. The Board and management continue to believe that the Bank’s strategy and business model provide a solid foundation from which to implement the Bank’s objectives and will enable the Bank to generate strong and sustainable returns on a continuing basis. In particular, the Board and management believe in the importance of excelling in service quality in the Bank’s core business areas, as well as maintaining strong discipline in the Bank’s operations, particularly in our approach to risk management. The Bank will continue to position itself as disciplined, efficient, safe and secure, and it is well-placed to deliver sustainable returns to investors.
In 2013, the Board also worked to maintain and extend the strong governance culture across the Bank. In particular:
- The Board continued to focus on its own engagement and effectiveness, through various efforts including regular evaluations, professional development, and improving boardroom processes and practices.
- Continued efforts were made to improve risk and remuneration governance.
- The Board’s Corporate Governance Committee worked on embedding the governance culture across the Bank, particularly in the areas of risk management, remuneration, Islamic banking, transparency and product governance.
- The Board remained highly engaged, having met (either in full Board or Committee meetings) 56 times in 2013. The Board visited several branches and operations functions, and held off-site strategy sessions.
More details of these efforts are described in the Corporate Governance section of this report.
The Bank published a sustainability report in 2013. The Board appreciates the need for local and regional banks to be strong and secure to continue contributing to the development of local and regional communities and economies.
During 2013, the Bank continued to focus on attracting, training and retaining high-calibre UAE national talent across all levels of the Bank. At the end of 2013, 40% of the Bank’s staff were UAE nationals.
The Bank remains committed to contributing to the development of the UAE banking sector, and on behalf of the Board, I extend our most sincere appreciation and gratitude to His Highness Sheikh Khalifa bin Zayed Al Nahyan, the UAE President and Ruler of Abu Dhabi; to His Highness Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces; to His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; and to the UAE Central Bank for their continued support for ADCB and the development of the UAE economy. I also extend the gratitude and appreciation of the Board to our shareholders, valued customers, and the ADCB executive management team and employees for their continued dedication and commitment.
Eissa Mohamed Al Suwaidi
Chairman