Abu Dhabi Islamic Bank Reports 55% Rise in Net Profit For 2022

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

Impairments decreased by 19 percent year-on-year to Dhs 769 million, while total assets increased by 23 percent year-on-year to Dhs 169 billion, driven by 22 percent growth in gross financing and 42 percent growth in investments.

Customer deposits increased 26 percent year-on-year to reach Dhs138bn, up from Dhs110bn in 2021, driven by growth in current and savings accounts (CASA).

The lender maintained a common equity tier 1 ratio of 12.08 percent and a total capital adequacy ratio of 17.17 percent.

“2022 was an unprecedented year for ADIB, as we achieved a record performance of AED 3.62 billion for the first time in our history. Our initiatives to diversify our revenues, and expand into new segments, while managing asset quality, served us well to achieve a return on equity of 21.4 percent,” said Jawaan Awaidah Al Khaili, Chairman.

“We saw the consolidation of ADIB Egypt in the fourth quarter of 2022. Our investment in Egypt reflects our confidence in Egypt’s future economic prospects.”

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

“We delivered broad-based customer loan growth of 22 percent for the year, growing both our retail and corporate books and driving 24 percent growth in funded income,” added Nasser Al Awadhi, Group CEO.