Abu Dhabi Islamic Bank shareholders approve lifting foreign ownership cap – The National

Abu Dhabi Islamic Bank shareholders approve lifting foreign ownership cap – The National

Abu Dhabi Islamic Bank secured shareholders' approval to raise its foreign ownership limit to 40 per cent, up from the current 25 per cent, as the lender looks to expand its investor base.. Shareholders also approved a dividend of 27.38 fils per share for 2019 at its annual general meeting, the bank said in a statement on Sunday.. ADIB saw a 4 per cent rise in the full-year net profit in 2019, as revenue climbed and income from investments rose.. Dubai Islamic Bank shareholders approve lifting foreign ownership cap. Net profit for the 12-month period ending December 31 reached Dh2.6 billion.. Operating profit increased 4.4 per cent to Dh3.26bn, boosted by a 30.7 per cent increase in investment income.. A 23.6 per cent rise in foreign exchange income also contributed to a rise in annual operating profit.. ADIB's move to increase its foreign ownership limit is in line with other financial institutions that are raising ownership caps on their stocks to attract more global investors, after the UAE eased restrictions last year.. In March, Dubai Islamic Bank secured shareholders' approval to raise its foreign ownership limit to 40 per cent. First Abu Dhabi Bank and Emirates NBD have also sought