Abu Dhabi Commercial Bank's shares are on a tear as a share buy-back programme kicks into effect and the bank raises its dividend for the year.
The capital's second-biggest lender said last month it would recommend a 25 per cent cash dividend, an increase of 5 percentage points since last year.
A share buy-back programme approved by the Central Bank last month has come into force, with ADCB buying 1.1 million shares so far this month. The bank has approval to buy back 10 per cent of its share capital, which could give the shares a long way to travel yet.
ADCB might not make use of all of that, but the dividend increase and the buy-back would be welcomed by shareholders, said Shabbir Malik, a financial analyst at EFG Hermes.
"The signal that one should get from the buy-back is that they think the stock is still undervalued," he said.
The bank's stocks have risen 30.2 per cent so far this year to Dh3.93 per share. They slipped 0.2 per cent in trading yesterday.
Only Emirates NBD has performed better during the period among the UAE's big banks, gaining 33.3 per cent since the start of last month. ADCB's profits fell by 7.7 per cent last year to Dh2.8 billion compared with a year earlier, but profits of Dh680 million during the fourth quarter were stronger than had been expected by analysts and 32.2 per cent higher than the same period a year earlier.
The bank's liquidity remains tight, with a loans-to-deposit ratio of 112.8 per cent at the end of last year - the worst among the UAE's three biggest lenders.
ADCB is said to have hired banks for a dollar bond sale, as lenders in the emirate seek to attract new capital at record low borrowing rates.
Local rival National Bank of Abu Dhabi is also seeking to expand its existing borrowing facilities by US$4.37bn and launch a $500m convertible bond.
ghunter@thenational.ae
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing