Mubasher TV
Contact Us Advertising   العربية

ADIB’s net profits exceed AED 5.2bn in 2023; dividends unveiled

ADIB’s net profits exceed AED 5.2bn in 2023; dividends unveiled
Photo Archive
ADIB
ADIB
1.47% 11.04 0.16

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) logged net profits after Zakat and tax valued at AED 5.25 billion in 2023, higher by 45% than AED 3.61 billion in the January-December 2022 period.

Revenue hiked by 36% year-on-year (YoY) to AED 9.29 billion as of 31 December 2023 from AED 6.83 billion, according to a press release.

ADIB underlined that the higher revenues are due to a remarkable income diversification mix and strong growth across all business segments and products.

Basic and diluted earnings per share (EPS) attributable to the ordinary shares amounted to AED 1.28 last year, compared to AED 0.91 in 2022.

Furthermore, the total assets increased 14% to AED 193 billion in 2023, backed by 6% YoY growth in gross financing and a 26% jump in investments.

Customer deposits rose 14% to AED 157 billion in 2023 from AED 138 billion in 2022, driven mainly by a 9% rise in current and savings accounts (CASA) despite the high-rate environment with CASA now comprising 65% of total deposits.

Financial Statements for Q4

In the fourth quarter (Q4) of 2023, the bank’s net profits surged by 29% YoY to AED 1.50 billion from AED 1.16 billion.

Total operating income increased by 12% to AED 2.59 billion in Q4-23 from AED 2.31 billion in Q4-22.

Jawaan Awaidah Al Khaili, Chairman of ADIB, commented: “ADIB produced outstanding results in 2023 exceeding the AED 5 billion milestone in net profit, the highest ever achieved by ADIB.”

“The record return on equity of 27% for the full year reflects the healthy and resilient local economy coupled with our focus on delivering transformational initiatives,” Al Khaili continued.

Dividends

He said: “The substantial increase in our profitability and the strength of our capital position has allowed the board to recommend an increase in our dividend payout to 71 fils per share compared to 49 fils per share in 2022.”

In the first nine months (9M) of 2023, ADIB recorded 53% YoY higher net profits at AED 3.75 billion, versus AED 2.45 billion.