Chairman’s Message

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.

In 2020, the organisation and every team member demonstrated immense care, resilience and adaptability to ensure ongoing support for our commercial and retail customers and the community through the pandemic.

These efforts, supported by the guidance and initiatives from our Government and underpinned by our shareholders’ confidence in the organisation, have enabled ADCB to continue operating effectively as a vital pillar of the UAE’s banking sector.

Despite the complex operating environment of 2020, the merger with Union National Bank and Al Hilal Bank 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 strengthen its financial performance.

The Board is entirely confident that ADCB will support the UAE’s strong recovery from the pandemic and serve as a progressive and agile banking institution to underpin the next 50 years of national progress.

“ADCB will support the UAE’s strong recovery from the pandemic and serve as a progressive and agile banking institution to underpin the next 50 years of national progress.”

KHALDOON KHALIFA AL MUBARAK
Chairman

KHALDOON KHALIFA AL MUBARAK profile image

LOCAL SUPPORT

In conjunction with the UAE Central Bank’s launch of its AED 50 billion ‘Targeted Economic Support Scheme’, ADCB proudly became the first bank in the UAE to introduce a wide-reaching relief package for customers. ADCB deployed its full AED 8.9 billion TESS entitlement and extended a cumulative total of over AED 11 billion in support to over 67,000 customers.

We expressed our gratitude to the 35,000 healthcare workers that are also ADCB customers, by activating a cashback programme for grocery and food delivery purchases made using their ADCB credit or debit cards.

35,000

Healthcare workers supported

INSTITUTIONAL GROWTH

During April 2020, the eleven-month integration process with Union National Bank and Al Hilal Bank concluded. The merger establishes ADCB as the third-largest financial institution by assets in the UAE, with over one million customers.

ADCB is now entering its next phase of development, focusing on digital transformation, delivering sustainable growth and continuously improving and innovating our customer experience.

Our human capital will always be our most important asset. We remain committed to attracting talented individuals, providing ongoing professional development and recognising excellence to ensure we continually raise the bar.

FINANCIAL PERFORMANCE

ADCB’s robust balance sheet, combined with its disciplined governance and risk management, ensured stability in the face of a challenging operating environment and protected all stakeholders’ interests.

This institutional strength was evident as the Bank continued to benefit from a stable loan book and greater efficiencies and substantial capital and liquidity positions.

For the 2020 financial year, the Board has recommended a cash dividend of AED 0.27 per share, translating to a pay-out of AED 1.878 billion, or 49% of the net profit. This dividend is subject to approval at the Annual General Meeting.

AED 0.27

Recommended dividend per share1

RECOGNISING SUPPORT

On behalf of the Board and all at ADCB, 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, Crown Prince of Abu Dhabi 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 the UAE Central Bank for their guidance and ongoing support.

I also wish to acknowledge and thank our outgoing Chairman H.E. Eissa Mohamed AlSuwaidi, under whose insightful leadership ADCB has grown into a robust financial institution.

I also extend sincere gratitude to H.E. Mohamed Dhaen AlHamli and Mohamed Hamad Almehairi, who stepped down from our Board in 2020 and to Abdulla Khalil Almutawa who stepped down earlier this year after 24 years on the Board.

KHALDOON KHALIFA AL MUBARAK
Chairman

1 Subject to approval by shareholders at the Annual General Meeting