Abu Dhabi Islamic Bank reports 55% rise in net profit for 2022
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Abu Dhabi Islamic Bank reports 55% rise in net profit for 2022

Abu Dhabi Islamic Bank reports 55% rise in net profit for 2022

The lender reported revenue worth Dhs6.8bn in 2022, up 23 per cent year-on-year

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Abu Dhabi Islamic Bank (ADIB) achieved a net profit of Dhs3.62bn for 2022, up 55 per cent from the previous year.

ADIB also reported the highest quarterly net profit of Dhs1.2bn in Q4 2022, compared to Dhs728m recorded during a year-earlier period.

In 2022, ADIB’s revenue improved by 23 per cent to reach Dhs6.8bn, compared to Dhs5.56bn earned during the previous year, driven by a 43 per cent increase in fees and commissions and 24 per cent growth in funded income.

Impairments declined 19 per cent year-on-year to Dhs769m for 2022, while total assets increased 23 per cent year-on-year to reach Dhs169bn, driven by 22 per cent growth in gross financing and 42 per cent rise in investments.

Customer deposits rose 26 per cent year-on-year to reach Dhs138bn, versus Dhs110bn in 2021, on the back of growth in Current and Savings Accounts (CASA).

The lender maintained a Common Equity Tier 1 ratio of 12.08 per cent and a total Capital Adequacy Ratio of 17.17 per cent.

“2022 was an unprecedented year for ADIB as we delivered a record performance of AED 3.62 billion for the first time in our history. Our initiatives to diversify our income, expand into new segments while managing asset quality served us well to deliver a ROE of 21.4 per cent,” said Jawaan Awaidah Al Khaili, chairman.

“We have seen the consolidation of ADIB Egypt during Q4 2022. Our investment in Egypt reflects our confidence in the future economic prospects of Egypt.”

A total of 126,000 new customers joined the bank in 2022, with 40 per centof them opening an account digitally.

“We had broad—based customer finance growth of 22 per cent for the year, growing both our retail and corporate book, and driving a funded income growth of 24 per cent,” added Nasser Al Awadhi, Group CEO.

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