Anis HAMDANI’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

Dubai Islamic Bank, a Fortune 500 Arabia company, posted a net profit AED 1.85 billion (USD 503.69 million), up by 22% compared to last year.. The bank attributed the increase in net profit to growth in total income as well as a 6% increase in customer deposits to AED 236 billion (USD 64.25 billion), according to a statement on the Dubai Financial Market. Dubai Islamic Bank is ranked 52nd among the companies listed on the 2023 Fortune 500 Arabia list, which includes the 500 largest companies in the Arab world and North Africa in terms of annual revenue. The UAE bank's revenue reached AED 14.10 billion (USD 3.84 billion) in 2022. https://lnkd.in/ekWB7X7W Dubai Islamic Bank #Fortune500Arabia

In 2023, Riyad Bank saw a 15% rise in net profit, reaching 8.05 billion Saudi riyals ($2.15 billion), up from SAR 7.02 billion the previous year. This growth was fueled by higher operating income, though somewhat tempered by increased total operating expenses. The net profit surpassed analysts' average forecast of SAR 7.9 billion, according to data from LSEG. Total operating income experienced a 17% year-on-year (YoY) increase to SAR 15.89 billion, mainly due to boosted net special commission income, trading income, and other operating income. #riyadbank #banking #financialservices #netprofit #profitability #growth #income #dubai #gcc #uae #ksa #saudiarabia #riyadh #madisonpearl #recruitment

Positive outlook on ADIB - Abu Dhabi Islamic Bank - Balance sheet expansion was the most robust amongst the banks that have reported so far ADIB posted a net profit of AED 3.03 billion in 1H'24, marking a 30% increase. The net profit before tax climbed by 40% to AED 3.42 billion, propelled by substantial topline growth. Operating income surged by 25%, with funded income rising by 13% due to higher volumes and improved margins, while non-funded income exhibited a remarkable 52% growth, comprising 38% of total income versus 31% in 1H'23. Although OpEx increased by 6%, the cost-to-income ratio improved to 28% from 34% in the same period last year. Provisioning expenses increased by 9%, with the CoR expanding by 7 bps to 0.55%, still within their guidance. The NPL ratio improved from 7.5% in 1H'23 to 4.7%, the lowest level since 4Q'18. Sequentially, net profit after tax reached AED 1.58 billion, a 9% rise, driven by higher volume growth and increased non-funded income. The bank observed a solid loan growth of 12.5%, recording the highest amongst the UAE banks so far, majorly driven by GREs and corporate. Given this impressive balance sheet growth, the bank has revised their loan book  guidance for FY24e to >16% vs 5 - 7%, supported by strong retail momentum. #ADIB #FinancialResults #BankingSector #ADX #AbuDhabi #LoanGrowth #GCC

The net profit of Alinma Bank, a Fortune 500 Arabia company, increased by 35.55% year-on-year during the first quarter of 2024, to reach about SAR 1.32 billion (USD 350.6 million), compared to a net profit of about SAR 970 million (USD 258.62 million) in the first quarter of 2023. Learn more here: https://lnkd.in/eBE-VGZH Alinma Bank #Fortune500Arabia

ADIB net profit rises 45% to record Dh5.25 billion in 2023 Abu Dhabi Islamic Bank reported a record growth in net profit of 45 per cent in 2023, aided by strong growth across all business segments and products. The lender recorded an annual net profit of Dh5.25 billion, rising from Dh3.62 billion in 2022, as net profit for the fourth quarter of 2023 reached Dh1.5 billion with 29 per cent growth from a year ago. Revenue for 2023 improved by 36 per cent to Dh9.3 billion compared to Dh6.8 billion last year, with funded income rising by 47 per cent to Dh6.1 billion vs Dh4.2 billion last year, driven by higher volumes and better margins. Also, non-funded income grew by 18 per cent to reach Dh3.2 billion in 2023 versus Dh2.7 billion last year driven by 18 per cent growth in fees and commissions. Cost to income ratio was managed down with an improvement of 2.0 percentage points to 32.9 per cent versus 34.9 per cent in the corresponding year. This was predominantly driven by growth in income and enhanced productivity. “ADIB produced outstanding results in 2023 exceeding the Dh5 billion milestone in net profit. The substantial increase in profitability and the strength of our capital position has allowed us to recommend an increase in our dividend payout to 71 fils per share,” said Jawaan Awaidah Al Khaili, ADIB Chairman. ADIB had last year approved a cash dividend of 49 fils per share for the fiscal year ending December 31, 2022. Impairments decreased 1 per cent to Dh760 million for 2023. Non-Performing asset ratio improved to 6.1 per cent lowest since Q4 2019 due to active management of legacy portfolio coupled with strong underwriting standards whilst the Coverage ratio (including collaterals) improved by 11.6 percentage points to 139.5 per cent. Total assets increased 14 per cent to reach Dh193 billion, driven by 6 per cent growth YoY in gross financing and 26 per cent growth in investments. Customer deposits rose 14 per cent to reach Dh157 billion versus Dh138 billion in 2022 driven mainly by 9 per cent growth in Current and Savings Accounts (CASA) despite the high-rate environment with CASA now comprising 65 per cent of total deposits. ADIB said that it maintained a robust capital position with a Common Equity Tier 1 ratio of 12.2 per cent and a total Capital Adequacy Ratio of 16.8 per cent. The bank’s liquidity position was healthy and comfortably within regulatory requirements, with the advances to stable funding ratio at 76.0 per cent and the eligible liquid asset ratio at 21.0 per cent. Last week, Sharjah Islamic Bank reported a 30.8 per cent rise in net profit to Dh851.5 million for the year ended December 2023, compared to a year ago, aided by increased investments in Islamic financing and customer deposits. https://lnkd.in/dd-_ZNzd

Sharjah Islamic Bank posts 31% rise in full-year net profit Dubai: Sharjah Islamic Bank posted a 30.8 per cent rise in net profit to Dh851.5 million for the year ended December 2023, compared to a year ago, aided by increased investments in Islamic financing and customer deposits. During the period, the lender saw its net investment in Islamic financing reach Dh33 billion at the end of December 2023, compared to Dh30.7 billion at the end of December 2022, an increase of Dh2.4 billion or 7.7 per cent. Total customer deposits reached Dh45.2 billion by the end of 2023, compared to Dh39.5 billion at the end of December 2022. an increase of Dh5.7 billion or growth of 14.4 per cent. https://lnkd.in/dyxfktdv

Sharjah Islamic Bank achieves record net profits of AED841.5mn The bank’s board of directors has proposed a 10 percent cash dividend The Sharjah Islamic Bank (SIB) reported a 31 percent surge in net profits to AED841.5 million in 2023, compared to AED650.9 million in 2022. The bank’s operating profits also witnessed a 23 percent rise, reaching AED2 billion for 2023, up from AED1.6 billion in the previous year. The net income resulting from financing and investment products witnessed a significant increase of 20 percent to reach AED1.5 billion, while the bank’s revenue from fees, commissions, and other income posted a jump of 23 percent to reach AED275.5 million for the fiscal year 2023. SIB also said its total assets registered an 11 percent increase to reach AED65.9 billion as of 31st December 2023, compared to AED59.1 billion on 31st December 2022. The Sharjah Islamic Bank said it has successfully diversified its financing portfolio across various economic sectors, with total investments in Islamic financing reaching AED33 billion, indicating an 8 percent increase from the previous year-end figure. Simultaneously, the SIB attracted a substantial volume of customer deposits in 2023, witnessing a remarkable 14.4 percent growth of AED5.7 billion. This surge elevated total deposits to AED45.2 billion, surpassing the AED39.5 billion recorded as of 31st December 2022. The Sharjah Islamic Bank’s board of directors has proposed a 10 percent cash dividend, subject to approval at the upcoming general assembly meeting. #financenews #bankingindustry #islamicfinance #RecordProfits #SharjahIslamicBank #uaefinance #financialperformance #linkedinfinance #bankingsector #economicnews

📌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