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ADCB’s 2022 profits to shareholders hit AED 6.43bn; dividends proposed

ADCB’s 2022 profits to shareholders hit AED 6.43bn; dividends proposed
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ADCB
ADCB
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Abu Dhabi – Mubasher: The net profits attributable to the owners of Abu Dhabi Commercial Bank (ADCB) grew by 23% year-on-year (YoY) to AED 6.43 billion in 2022 from AED 5.24 billion.

The operating income amounted to AED 14.34 billion last year, up 17% from AED 12.25 billion in the January-December 2021 period, according to the income statements.

Meanwhile, the basic and diluted earnings per share (EPS) stood at AED 0.90 in the 12-month period that ended on 31 December 2022, an annual rise from AED 0.73.

Total assets increased by 13% to AED 497.84 billion in 2022 from AED 440.27 billion in 2021, while the deposits from customers jumped by 17% to AED 308.93 billion from AED 265.05 billion.

Income Statements for Q4

During the fourth quarter (Q4) of 2022, the UAE lender witnessed 23% higher net profits attributable to the equityholders at AED 1.78 billion, compared to AED 1.44 billion in the year-ago period.

The operating income hiked by 34% to AED 4.40 billion in Q4-22 from AED 3.27 billion in Q4-21

On a quarterly basis, the Q4-22 net profits attributable to the shareholders rose by 12% from AED 1.59 billion in Q3-22, while the operating income enlarged by 25% from AED 3.51 billion.

Dividends

The board of ADCB recommended the distribution of AED 3.82 billion (AED 0.55 per share) as cash dividends for 2022, higher than the AED 2.57 billion (AED 0.37 per share) disbursed in 2021.

Ala'a Eraiqat, Group CEO of ADCB, noted: “Full-year and quarterly net profit both increased by 23% to AED 6.43 billion and AED 1.78 billion respectively. This translated to a return on average tangible equity of 13.30% for 2022."

Eraiqat added: “We took a significant first step in 2022 through the issuance of our inaugural $500 million green bond to drive investment into green initiatives.”

In the first nine months (9M) of 2022, ADCB, listed on the Egyptian Exchange (EGX) as well, registered net profits attributable to the shareholders worth AED 4.65 billion.