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.
Results
%3Cp%3E%0D%3Cstrong%3EElite%20men%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Amare%20Hailemichael%20Samson%20(ERI)%202%3A07%3A10%0D%3Cbr%3E2.%20Leornard%20Barsoton%20(KEN)%202%3A09%3A37%0D%3Cbr%3E3.%20Ilham%20Ozbilan%20(TUR)%202%3A10%3A16%0D%3Cbr%3E4.%20Gideon%20Chepkonga%20(KEN)%202%3A11%3A17%0D%3Cbr%3E5.%20Isaac%20Timoi%20(KEN)%202%3A11%3A34%0D%3Cbr%3E%3Cstrong%3EElite%20women%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Brigid%20Kosgei%20(KEN)%202%3A19%3A15%0D%3Cbr%3E2.%20Hawi%20Feysa%20Gejia%20(ETH)%202%3A24%3A03%0D%3Cbr%3E3.%20Sintayehu%20Dessi%20(ETH)%202%3A25%3A36%0D%3Cbr%3E4.%20Aurelia%20Kiptui%20(KEN)%202%3A28%3A59%0D%3Cbr%3E5.%20Emily%20Kipchumba%20(KEN)%202%3A29%3A52%3C%2Fp%3E%0A
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
More from Neighbourhood Watch
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,200m
Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Handicap Dh170,000 (D) 1,200m
Winner: Way Of Wisdom, Connor Beasley, Satish Seemar.
7.40pm: Maiden Dh165,000 (D) 1,900m
Winner: Woodditton, Connor Beasley, Ahmad bin Harmash.
8.15pm: Handicap Dh185,000 (D) 2,000m
Winner: Secret Trade, Sandro Paiva, Ali Rashid Al Raihe.
8.50pm: Handicap Dh185,000 (D) 1,600m
Winner: Mark Of Approval, Antonio Fresu, Mahmood Hussain.
9.25pm: Handicap Dh165,000 (D) 2,000m
Winner: Tradesman, Pat Dobbs, Doug Watson.
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
Racecard
2pm Handicap Dh 90,000 1,800m
2.30pm Handicap Dh120,000 1,950m
3pm Handicap Dh105,000 1,600m
3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m
4pm Maiden Dh75,000 1,600m
4.30pm Conditions Dh250,000 1,400m
5pm Maiden Dh75,000 1,600m
5.30pm Handicap Dh85,000 1,000m
The National selections:
2pm Arch Gold
2.30pm Conclusion
3pm Al Battar
3.30pm Golden Jaguar
4pm Al Motayar
4.30pm Tapi Sioux
5pm Leadership
5.30pm Dahawi
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
