The shareholders of Abu Dhabi Islamic Bank (ADIB) have approved the distribution of more than AED 2.5 billion ($680 million) in cash dividends and sukuk issuance of up to $5 billion.

The release of dividends for the year 2023, equivalent to 71.4612% of the share’s nominal value, or 71.4612 fils per share, was approved at the General Assembly on Thursday, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).

The payout is set to be released within a month.

The Islamic lender posted a net profit of AED 5.25 billion in 2023, posting a 45% increase from a year earlier. Last year’s net earnings were the highest ever achieved by the bank, it said earlier.

At the same meeting on Thursday, the shareholders resolved to authorise the Board of Directors to issue any senior sukuk and/or other similar instruments which are not convertible into shares, with an aggregate face amount not exceeding $5 billion, the filing said.

The board is expected to determine and agree on the date of the new issuance.

Last November, the bank listed its $500 million green sukuk, the world’s first dollar denominated green sukuk, on the London Stock Exchange’s International Securities Market and Sustainable Bond Market.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com