Abu Dhabi Commercial Bank’s Post

ADIB - Abu Dhabi Islamic Bank has reported a 45% growth in net profit for 2023, reaching Dh5.25 billion compared to Dh3.62 billion in 2022. The bank's Q4 2023 net profit reached Dh1.5 billion, reflecting a 29% growth compared to Q4 2022. Revenue for 2023 increased by 36% to Dh9.3 billion, driven by income diversification and growth across all business segments. The cost-to-income ratio improved to 32.9%, a 2.0 percentage point improvement from the previous year. ADIB also announced a dividend of 71 fils per share, equivalent to 49% of net profit. Total assets increased by 14% to Dh193 billion, with customer deposits rising by 14% to Dh157 billion. Gross customer financing increased by 6% to Dh120.2 billion. The bank maintained a strong capital position with a common equity tier 1 ratio of 12.2% and a total capital adequacy ratio of 16.8%. The eligible liquid asset ratio was 21.0%, comfortably within regulatory requirements. #UAE #Abudhabi #Islamic #Bank #Net #Profit

ADIB - Abu Dhabi Islamic Bank has reported a 45% growth in net profit for 2023, reaching Dh5.25 billion compared to Dh3.62 billion in 2022. The bank's Q4 2023 net profit reached Dh1.5 billion, reflecting a 29% growth compared to Q4 2022. Revenue for 2023 increased by 36% to Dh9.3 billion, driven by income diversification and growth across all business segments. The cost-to-income ratio improved to 32.9%, a 2.0 percentage point improvement from the previous year. ADIB also announced a dividend of 71 fils per share, equivalent to 49% of net profit. Total assets increased by 14% to Dh193 billion, with customer deposits rising by 14% to Dh157 billion. Gross customer financing increased by 6% to Dh120.2 billion. The bank maintained a strong capital position with a common equity tier 1 ratio of 12.2% and a total capital adequacy ratio of 16.8%. The eligible liquid asset ratio was 21.0%, comfortably within regulatory requirements. #UAE #Abudhabi #Islamic #Bank #Net #Profit

Abu Dhabi Islamic Bank (ADIB) has reported a 45% growth in net profit for 2023, reaching Dh5.25 billion compared to Dh3.62 billion in 2022. The bank's Q4 2023 net profit reached Dh1.5 billion, reflecting a 29% growth compared to Q4 2022. Revenue for 2023 increased by 36% to Dh9.3 billion, driven by income diversification and growth across all business segments. The cost-to-income ratio improved to 32.9%, a 2.0 percentage point improvement from the previous year. ADIB also announced a dividend of 71 fils per share, equivalent to 49% of net profit. Total assets increased by 14% to Dh193 billion, with customer deposits rising by 14% to Dh157 billion. Gross customer financing increased by 6% to Dh120.2 billion. The bank maintained a strong capital position with a common equity tier 1 ratio of 12.2% and a total capital adequacy ratio of 16.8%. The eligible liquid asset ratio was 21.0%, comfortably within regulatory requirements. #UAE #Abudhabi #Islamic #Bank #Net #Profit

Following stellar Q2 financials from ADIB - Abu Dhabi Islamic Bank, I was joined by Acting Group CEO Mohamed Abdel Bary, CFA on Al Arabiya News Channel. We covered the factors behind their strong growth, including a 15% rise in deposits and 19% increase in financing. We also discussed market share, loan-to-deposit ratio, capital adequacy, and the significant drop in non-performing loans, plus insights on maintaining profit margins amid potential #Fed rate cuts. #ADIB

📌Proposing a 45% dividend, Dubai Islamic Bank achieved a record net profit of Dh7 billion in 2023. 🚀In 2023, Dubai Islamic Bank witnessed a 26% surge in net profit, attributing the growth to increased non-funded income and reduced impairment charges. This significant profit increase led the largest Islamic bank in the UAE to elevate its dividend to 45% of the stock value held by a shareholder, up from the previous 30%. The group's net profit for the year ending December 31, 2023, stood at Dh7.01 billion, compared to Dh5.55 billion, marking a notable improvement. Lower impairment charges played a pivotal role, decreasing from Dh2.103 billion in FY 2022 to Dh1.396 billion in 2023, reflecting a 34% reduction. Additionally, customer deposits experienced a 12% growth, reaching Dh222 billion, compared to the previous year. Dubai Islamic Bank #FinancialGrowth #DubaiIslamicBank #BankingAchievement #DubaiEconomy #dubaifinance #uaejobs #uaejobseekers #BankingSuccess #bankingindustry #EconomicNews https://lnkd.in/d-7uAiMt

Hi.. I am writing to seek some guidance and attention of people who can help , regarding an issue someone, is currently facing with DIB Dubai Islamic Bank. The individual concerned previously resided in Dubai and recently returned on a visit visa. During her absence, her DIB account was closed, and the bank issued her a manager's cheque for the remaining balance. Upon attempting to encash the cheque at DIB branches, she was informed by branch managers that they can only transfer the amount to another DIB account holder or another bank account in her name, and they cannot provide the money to her in cash. The problem is she currently does not have any other bank account in the UAE, and cannot open a new one as she is on visit visa. She also doesn't want to transfer the amount to another DIB account holder because of the personal risk involved. This situation raises concerns about the legality of withholding her funds and imposing such conditions on encashment. I would like to inquire: 1. Is it legally permissible for DIB (Dubai Islamic Bank) to retain her funds and impose these conditions on encashment? 2. Does the Central Bank of the UAE allow such practices by any bank? I believe it doesn't but would like to confirm. Central Bank of The UAE Knowledgeable insights and guidance would be greatly appreciated, as I seek to understand the options she has to access her rightful funds (lifes savings). Tag those who can help. #UAEBanking #CustomerRights #FinancialServices #BankingRegulations

Manama, the Kingdom of Bahrain: Khaleeji Bank B.S.C has announced a total net loss attributable to the Bank’s shareholders of BD 402 thousand during Q4 2023, compared to a profit of BD 3.12 million in the same period in 2022, a decrease of 112.87%. Earnings per share reached -4.251 Fils during Q4 2023, compared to 0.154 Fils for the same period of the previous year. Total income before return to investment account holders amounted to BD 21.578 million during the last quarter of this year, compared to BD 18.571 million for the same period of the year 2022, an increase of 16.19%. The increase is mainly attributable to the bank recording an increase in income from placements with financial institutions, investments in securities, fees and other income. To continue reading this article, please click on the below link: https://lnkd.in/dwKKfxF3

Banking Reimagined: UAE's Premier Digital Bank Allies with the Industry Titan The strategic partnership between Al Maryah Community Bank (Mbank) and First Abu Dhabi Bank (FAB) integrates top-tier digital banking with the UAE's largest cash and cheque deposit network, creating an unmatched open banking ecosystem across the Emirates. This collaboration enables seamless access to cash and cheque deposits for both retail and corporate customers. Potential use cases include: - Cross-bank loyalty program integration for enhanced customer rewards - Collaborative fraud detection leveraging both banks' datasets - Personal finance management tools across both platforms - Integrated SME lending solutions utilizing combined customer financial data The partnership creates an open banking ecosystem that enhances convenience, accessibility, financial inclusion, and innovation, setting a new customer-centric benchmark in UAE banking. #OpenBanking #FAB #Mbank

Top 5 Profitable Saudi Banks In H1 2023 Saudi National Bank (SNB) retained its top spot as Saudi Arabia’s biggest bank in terms of profitability during the first half of 2023 after posting $2.7 billion (SAR 10.2 billion), followed by Al Rajhi Bank, which reported $2.2 billion (SAR 8.3 billion), and Riyad Bank, which earned $1.1 billion (SAR 4 billion). Saudi Awwal Bank, known formerly as SABB, witnessed a net profit of $883.8 million (SAR 3.3 billion) in the first six months of 2023, while Alinma Bank’s net income hit $585.3 million (SAR 2.2 billion)..... https://bit.ly/45SapUl #SNB alrajhi bank Riyad Bank SAB #SaudiArabia #Banking #GCC #MiddleEast Hagar Omran Via www.forbesmiddleeast.com

BBK (Bank of Bahrain and Kuwait) has expressed optimism for the global growth outlook in 2024, highlighting factors like early action on interest rates, commodity price adjustments and the resolution of geopolitical issues. Speaking on the sidelines of a ceremony at the Gulf Hotel Bahrain Convention and Spa yesterday, where the bank rewarded employees for excellence and long years of service, Dr AbdulRahman Saif, the group chief executive of BBK, one of Bahrain’s biggest banks, said they are actively managing their liquidity and balance sheet position in response to these anticipated changes. Read more: https://lnkd.in/eKgWqFYd