1.45 billion dirhams in net profits for “Abu Dhabi Islamic” in the first quarter, representing growth of 32%

2024-04-24 15:22:50

Abu Dhabi Islamic Bank announced that it achieved a growth in its net profit following tax of 32% in the first quarter of 2024, reaching a value of 1.45 billion dirhams, compared to 1.1 billion dirhams during the first quarter. 2023. These results reflect the direction established by the bank to achieve strong growth.
Net profit before tax amounted to 1.64 billion dirhams, representing growth of 41% compared to the first quarter of 2023.
The bank’s revenue in the first quarter of 2024 recorded a growth of 24% to reach 2.5 billion UAE dirhams, compared to 2.0 billion UAE dirhams in the previous year, thanks to the growth achieved across all business segments and products.
Revenue from financing sources recorded growth of 19% to reach 1.7 billion dirhams compared to 1.4 billion dirhams last year, driven by higher revenue volumes and improved margins.
Revenues from non-financial sources recorded growth of 35% in the first quarter of 2024 to reach 827 million dirhams, compared to 611 million dirhams the previous year, driven by growth in fees and commissions of 40%.
Revenues from non-financial sources contribute to 33% of operating profit, compared to 30% in the first quarter of 2023.
The expense-to-income ratio decreased to 30.4 percent, an improvement of 5.3 percentage points from 35.7 percent the previous year, mainly due to revenue growth and improvement in the productivity.
Total assets also increased by 13% to reach 195 billion dirhams, resulting from a growth in total financing of 8% year-on-year and an increase in investments of 25%.
Customer deposits recorded growth of 13% to reach 160 billion dirhams, compared to 142 billion UAE dirhams in the first quarter of 2023, driven by growth in current and savings account deposits of 9%, noting that current and savings accounts currently constitute 66 billion dirhams. percent of total deposits.
Abu Dhabi Islamic Bank maintained a strong capital position, with a first-party equity adequacy ratio reaching 12.6 percent and a total capital adequacy ratio of 17.2 percent.
The bank’s cash liquidity stabilized at healthy levels in line with regulatory requirements, with improvement in the ratio of stable funding sources reaching 76.6 percent and growth in eligible liquid assets of 20.3 percent.
Joaan Awaida Suhail Al Khaili, Chairman of the Board of Directors, said: “Following the exceptional results we achieved in 2023, we were able to record a good start in early 2024, which reflects the strength and flexibility of the local economy healthy, in addition to our focus on maintaining business momentum and our focus on delivering quality initiatives.
He added: “We also managed to strengthen our relationships with our customers and increase our market share, as 46,000 new customers joined the bank in the first quarter of 2024, bringing the total number of customers to 1.311 million customers, thanks to the benefit of our modern technology and continued investment in the digital domain. » Our constant goal is to serve our customers in all our operations.
For his part, Mohamed Abdel Bari, interim CEO of the Group, declared: “We have witnessed strong and healthy growth in all our business sectors. The progress we have made in all indicators is evidenced by positive business growth, cost and risk reduction and our capacity. to maintain the strength and stability of our balance sheet, including an advantageous capital position and a strong liquidity ratio.