AED18.7 bn in dividends proposed by 18 listed national banks for 2018

ABU DHABI, A total of AED18.7 billion of dividends have been proposed by 18 listed UAE national banks for 2018, 12.2 percent up from AED16.66 bn in 2017.

The growth in dividend distribution reflects the robust solvency position of the UAE banking sector, reckoned among MENA’s most resilient with an estimated AED2.9 trillion of assets by the end of 2018.

The lucrative dividends follow the growth in last year’s net profits to AED42 bn according to official statistics released by the Abu Dhabi Securities Exchange and Dubai Financial Market.

In a related development, the Average Annual Return for Investment in the national banking sector amounted to 5.07 percent with free-flowing share dividends valued at around AED10 bn, which accounts for 53.7 percent of the total dividends proposed by all the national banks.

FAB topped the list with AED8 bn in dividends, which comprises 74 percent of the bank’s capital for 2018, given that the bank’s profits exceeded AED12 bn.

ADCB came second with AED2.4 bn in dividends, followed by the Dubai Islamic Bank with AED2.3 bn and Emirates NBD with AED2.19 bn.

Source: Emirates News Agency