Financial Results of Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank (ADCB) announced its financial results for the year ended December 31, 2023, and the fourth quarter of 2023.
Key Performance Indicators for 2023
- Net profit: Increased by 28% to AED 8.206 billion
- Net interest income: Increased by 21% to AED 12.374 billion
- Non-interest income: Increased by 8% to AED 4.493 billion
- Operating income: Increased by 18% to AED 16.866 billion
- Cost-to-income ratio: Improved by 180 basis points to 32.3%
- Pre-provision operating profit: Increased by 21% to AED 11.414 billion
Key Performance Indicators for the Fourth Quarter of 2023
- Net profit: Increased by 38% to AED 2.454 billion
- Net interest income: Increased by 17% to AED 3.413 billion
- Non-interest income: Increased by 16% to AED 1.249 billion
- Operating income: Increased by 6% to AED 4.662 billion
- Cost-to-income ratio: Improved by 240 basis points to 32.0%
- Pre-provision operating profit: Increased by 2% to AED 3.171 billion
Total Assets
- Increased by 14% to AED 567 billion
Net Loans and Advances
- Increased by 17% to AED 302 billion
Total Average Earning Assets
- Increased by 8% to AED 438 billion
Total Customer Deposits
- Increased by 17% to AED 363 billion
Current and Saving Accounts
- Accounted for 46% of total customer deposits
#The_President_of_State reviews the initiatives of the Federal Center for Geographic Information and its future projects and receives a paper copy of the general map of the Emirates in Arabic and English. pic.twitter.com/vRanMeRAIM
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Abu Dhabi Commercial Bank Management Comments
Khalid Khalifa Al Mubarak, Chairman of the Board of Directors of ADCB, said:
“ADCB continued its successful track record in 2023, despite the dynamic global economic landscape.
The Bank achieved strong growth, which has further cemented its position as a leading financial institution.
And also a key driver of the economic aspirations of the UAE.
Our relentless pursuit of excellence, digital innovation, enhanced customer experience, and strategic growth have resulted in significant financial achievements.
As well as resilience across all metrics, providing meaningful value to our customers and all stakeholders.”
Alaa Al-Araqi, CEO of ADCB, said:
“ADCB is steadily executing its strategy with strong earnings growth and significant progress across all areas.
Over the past three years, the Bank has delivered a compound annual growth rate of 25% in net profit.
In 2023, ADCB achieved a net profit of AED 8.206 billion and its return on average shareholders’ equity reached 15.1%, compared to 11.4% in 2021.”
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