Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) posted net profits worth AED 8.20 billion in 2023, up 28% year-on-year (YoY) from AED 6.43 billion.

The operating income reached AED 16.86 billion last year, higher by 18% than AED 14.34 billion during the January-December 2022 period, according to the financial results.

Total assets increased by 14% YoY to AED 567.19 billion as of 31 December 2023 from AED 497.84 billion, while the customer’s deposits grew by 17% YoY to AED 362.90 billion from AED 308.93 billion.

Income Statements for Q4-23

In the fourth quarter (Q4) of 2023, ADCB witnessed 38% higher net profits at AED 2.45 billion, compared to AED 1.78 billion in Q4-22.

Additionally, the operating income grew by 6% YoY to AED 4.66 billion in Q4-23 from AED 4.40 billion.

Quarter-on-quarter (QoQ), the Q4-23 net profits surged by 26% from AED 1.94 billion in Q3-23, while the total operating income jumped by 10% from AED 4.23 billion.

Dividends

The board members recommended a cash dividend of AED 0.56 per share for 2023, which represents a total payout of AED 4.09 billion and equivalent to 50% of net profits.

In line with the UAE’s Net Zero by 2050 strategy, Khaldoon Al Mubara, the Chairman of ADCB, indicated that the bank’s participation in the global Net Zero Banking Alliance (NZBA) underlined its commitment to supporting customers in their climate targets.

Ala'a Eraiqat, Group CEO of ADCB, noted: “ADCB has continued to successfully execute its strategy, generating strong growth in core earnings and forging progress on all fronts ahead of schedule.”

“The balance sheet has expanded rapidly, with net loans increasing by 24% to cross the AED 300 billion milestone and deposits growing by 37% since 2021,” Eraiqat added.