3.6 billion dirhams, the net profit of “Abu Dhabi Islamic” in 2022

Abu Dhabi Islamic Bank announced achieving record performance in 2022, with net profits reaching 3.62 billion dirhams, a growth of 55% year-on-year, and an increase in the dividend distribution ratio to 49 fils per share, equivalent to 49% of net profits.

And the bank stated in a statement today that it recorded a net profit in the fourth quarter of last year of 1.2 billion dirhams, compared to 728 million dirhams in the same quarter of 2021, which represents a growth of 60% compared to the same period last year.

He pointed to an improvement in revenues in 2022 by 23%, to reach 6.835 billion dirhams, compared to 5.56 billion dirhams last year.

This is due to a 43% increase in fees and commissions, and a 24% growth in income from financing sources to 4.151 billion dirhams, as a result of the growth in customer financing and the increase in profit margins.

Provisions for financing and investment losses decreased by 19% year-on-year to 769 million dirhams for 2022, reflecting a general improvement in economic conditions.

This decline coincided with an improvement in coverage of non-producing assets (including guarantees) by 7.9 percentage points, to reach 127.9%.

Total assets increased by 23% year-on-year to AED 169 billion, driven by a 22% growth in total financing and 42% in investments.

Customer deposits increased by 26% year-on-year to reach AED 138 billion, mainly driven by a 14% growth in current and savings accounts despite the high profit rate environment.

The bank's cash liquidity was stable at healthy levels, exceeding the minimum regulatory requirements by a comfortable margin, with an improvement in the stable funding ratio reaching 82.1% and the eligible liquid assets by 18.9%.

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