The bank, which is listed on the Abu Dhabi Securities Market (ADSM), will also distribute 10 per cent dividends. It posted net profits of AED410m ($109m) in 2007.

Ras al-Khaimah National Insurance completed a 14 per cent bonus share issue on 9 March and Union Cement Company completed a 15 per cent bonus share issue on the same day. First Gulf Bank closed its 10 per cent bonus share issue on 6 March. United Arab Bank has issued 12 per cent bonus shares and Invest Bank a 10 per cent bonus share issue in March. The companies are all listed on the ADSM.