Abu Dhabi Commercial Bank, the UAE's third-largest lender, reported a 23 per cent increase in its 2022 net profit, driven by higher income across its operations.
Net profit attributable to equity holders for the 12 months ending December reached a record Dh6.43 billion ($1.75 billion), up from Dh5.24 billion a year earlier, ADCB said on Tuesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Total net interest income and income from Islamic financing rose 15 per cent year-on-year to Dh10.19 billion from Dh8.87 billion respectively.
Operating income increased about 17 per cent to Dh14.34 billion, from Dh12.26 billion in 2021.
ADCB has recommended a 2022 dividend of Dh0.55 per share, compared to Dh0.37 a year ago, which is equivalent to 60 per cent of its net profit.
This will translate into a payout of about Dh3.82 billion, which is almost 49 per cent higher compared to 2021.
"The bank is building long-term resilience through strong financial performance, driven by a clear strategy, a positive culture and a robust governance framework," Khaldoon Al Mubarak, chairman of ADCB, said in a statement.
"The bank achieved broad-based growth to deliver a record full-year net profit. A solid financial position means that ADCB is well placed to navigate complex challenges and to generate new opportunities in an increasingly dynamic and diversified economy."
The UAE economy made a strong rebound from the coronavirus-induced slowdown in 2021 and the pace of economic momentum has continued to improve this year on the back of government initiatives and higher oil prices.
The Arab world’s second largest economy was projected to grow 7.6 per cent last year, the highest in 11 years, after expanding by 3.8 per cent in 2021, according to the UAE Central Bank.
For 2023, the Central Bank projected a non-oil sector expansion of 4.2 per cent, on the back of the easing of pandemic-related restrictions, a recovery in global travel and tourism and the booming real estate and construction sectors. Overall, the country’s economy is projected to grow 3.9 per cent in 2023, it said.
ADCB grew its assets 13 per cent annually to Dh498 billion in 2022.
Customer deposits rose about 17 per cent annually to Dh308.93 billion.
ADCB's performance last year was also driven by its digital-first strategy, as the group focused on innovation and the enhancement of data protection, according to chief executive Ala'a Eraiqat.
"Looking ahead, we are excited about the opportunities for ADCB to help drive the dynamic transformation of the UAE economy," Mr Eraiqat said.
"ADCB continues to invest significantly to automate processes and facilitate digital access to products and services."
ADCB stands ready to make a significant contribution to mobilise capital and to support our clients transition to a low-carbon economy
Ala'a Eraiqat,
chief executive of Abu Dhabi Commercial Bank
The bank's mobile banking subscriptions surpassed the one million mark for registrations, and its app allowed customers to open more than 250,000 new accounts digitally, Mr Eraiqat said.
The group's major subsidiaries have also performed well. Al Hilal Bank — which was bought by an entity created by ADCB and Union National Bank in 2019 — welcomed more than 350,000 users in the first year since the launch of its app, while ADCB Egypt reported a strong rise in 2022 net profit.
The bank is also preparing to support the UAE hosting the Cop28 climate change conference this year. In 2022, the lender issued its inaugural $500 million green bond to drive investment into green initiatives.
"ADCB stands ready to make a significant contribution to mobilise capital and to support our clients transition to a low-carbon economy," Mr Eraiqat said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Scoreline
Swansea 2
Grimes 20' (pen), Celina, 29'
Man City 3
Silva 69', Nordfeldt 78' (og), Aguero 88'
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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The specs
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World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
