Abu Dhabi Islamic Bank PJSC (ADIB) fell the most in eight months on speculation the United Arab Emirates' second-biggest shariah-compliant lender may (more)
Abu Dhabi Islamic Bank PJSC (ADIB) fell the most in eight months on speculation the United Arab
Emirates' second-biggest shariah-compliant lender may recommend a full- year dividend that's below expectations.
The stock retreated 3.1 percent, the biggest drop since April 12, to 3.08 dirhams at the close in the U.A.E. capital. About 2.56 million shares were traded today, more than 13 times the three-month daily average. Abu Dhabi Islamic was the biggest decliner in percentage terms on the benchmark ADX General Index (ADSMI), which rose less than 0.1 percent.
The lender last month raised $1 billion from the sale of Tier-1 perpetual sukuk, which don't mature, paying a coupon of 6.375 percent. The notes, which can be treated as equity, come as Abu Dhabi Islamic seeks to boost its Tier-1 capital ratio to more than 15 percent from 13.7 percent at the end of September as part of plans to expand lending. The lender paid a 0.2442 dirham cash dividend for 2011, data compiled by Bloomberg show.
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