ADIB approves 24.42% cash dividend

The annual general meeting of Abu Dhabi Islamic Bank (ADIB) has approved a 24.42 per cent cash dividend, equals to 50 per cent of 2011 net profit, to shareholders registered with the Abu Dhabi Securities Market. The annual general assembly chaired by Khalid Al Khoury, vice-chairman, also approved the board of directors report, the auditors report and financial statements for 2011. ADIB Group reported net profit of Dh1.16 billion for the financial year ended December 31, an increase of 12.8 per cent over 2010. Its operating profit was almost Dh2 billion. The group's net revenues at the end of 2011 were Dh3.426 billion. ADIB added three new branches to its network in the UAE, where the total number reached 69. In addition, it set up 137 new ATMs, bringing the total to 460 ATMs across the UAE. ADIB's core banking activities performed well and continued to grow market share. Customer activities in the retail banking unit performed particularly well, and the division attained the number one ranking for customer s rvice in the UAE in 2011. It grew customer numbers by 6.3 per cent to more than 450,000. The bank maintained its strong liquidity position. Liquidity maturity matching was also enhanced with the successful issue of a new five-year $500 million (Dh1.8 billion) sukuk. Furthermore, ADIB maintained its conservative approach to non-performing asset recognition and provisioning in line with both best practice and UAE Central Bank guidelines. Qatar National Bank (QNB) Group said it earned a net profit of 2 billion riyals (Dh2.01 billion) for the three months ended March 31, up by 17.4 per cent over the same quarter last year. Total assets increased by 28.2 per cent since March 31, 2011 to 311.1 billion riyals, the highest ever achieved by the group. This was the result of a strong growth rate of 43.0 per cent in loans and advances to 201.2 billion riyals. Meanwhile, customer deposits recorded solid growth of 21.4 per cent to 218.4 billion riyals. The bank was able to maintain the ratio of non-performing loans to total loans at 1.1 per cent, a level considered to be the lowest among banks in the Middle East and North Africa (Mena). Provisions were conservatively managed, as the coverage ratio reached 127 per cent. The efficiency ratio (cost to income ratio) improved to 16 per cent, compared to 16.2 per cent in March 2011, one of the best ratios among financial institutions in the Mena. Total shareholders' equity increased 71.3 per cent since March 31, 2011 to 42 billion riyals. QNB Group maintains a strong capital adequacy ratio higher than the regulatory requirements of Qatar Central Bank and Basel Committee. The group is keen to maintain a strong capitalisationin order to support future strategic plans. Kuwaiti logistics company Agility will be able to go ahead with a contract to build and maintain a fish market thanks to an appeals court ruling, the stock exchange said Thursday. Shares in the company had been suspended ahead of the announcement. The bourse, which makes announcements on behalf of companies, said trading would begin again shortly. The shares closed at 410 fils (Dh5) on Wednesday according to Reuters data. The government had originally cancelled the contract but Agility managed to appeal that decision in court, the statement said. It added that the outcome would not affect Agility's financial statements. The company reported a 114 per cent rise in fourth-quarter net profit compared with the same period in 2010, the firm said in a statement on Saturday . Mazaya Qatar Real Estate Development plans to launch by the end of this year a local project that involves the construction of a shopping mall for building materials at a total cost of 432.4 million riyals, the Doha-based Al Arab daily quoted an executive as saying Thursday. Mazaya Qatar has bought a 30,000-square metre plot of land in northern Doha for 173 million riyals in order to build a shopping centre that will be called The Seven Zone Mall, Rashid Al Naimi, the company's chairman, said according to the paper. The mall, whose construction will cost 258.9 million riyals, will be fully owned by Mazaya Qatar.