Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate by assets, reported a 29 per cent annual increase in net profit for the fourth quarter of last year driven by higher revenue and fee income.
ADIB's net profit after zakat and tax for the three months to the end of December climbed to more than Dh1.5 billion ($408.7 million), the lender said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Gross revenue from funds during the reporting period rose by 33 per cent to nearly Dh2.6 billion.
The bank’s full-year net profit jumped 45 per cent to a record Dh5.25 billion, while revenue surged 83 per cent year-on-year to more than Dh9.2 billion during the same period.
“ADIB produced outstanding results in 2023 exceeding the Dh5 billion milestone in net profit,” said Jawaan Al Khaili, the bank's chairman.
“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.”
Customer deposits rose 14 per cent to reach Dh157 billion, driven mainly by 9 per cent growth in current and savings accounts despite the high-rate environment, the lender said. These accounts comprise 65 per cent of total deposits.
The bank’s total assets increased 14 per cent to Dh193 billion, fuelled by 6 per cent growth in gross customer financing and a 26 per cent surge in investment.
The record return on equity of 27 per cent for 2023 reflects the “healthy and resilient” local economy, said Mr Al Khaili.
“Amid global economic uncertainty, the UAE economy continues to grow, benefiting from strong domestic activity and from foreign inflows of capital,” he added.
The Arab world’s second-largest economy expanded 3.7 per cent annually in the first half of 2023, driven by strong non-oil sector growth as the country continues to pursue its diversification goals, Minister of Economy Abdulla bin Touq said in October.
The banking sector in the Emirates is well capitalised with adequate liquidity buffers and remained resilient against the risk of stagflation and market uncertainties in a stress-testing exercise, the Central Bank said in July.
Last month, the banking regulator increased its 2024 growth forecast for the country's economy to 5.7 per cent, from 4.3 per cent previously, due to an expected rise in oil production next year.
ADIB's revenue surged on the back of “an increase in transaction volumes and improved margins led by an efficient funding base and higher yields”, group chief executive Nasser Al Awadhi said.
The bank attracted 206,000 new customers last year, bringing the total number of customers to 1.271 million. Its investment portfolio increased 26 per cent to Dh24.5 billion as of December 31.
ADIB also grew its customers' financing by Dh7 billion in 2023, well within its guidance as it gained market share in key segments.
“This was efficiently funded by adding Dh19 billion of new deposits including growing our low-cost current and savings accounts by Dh9 billion,” Mr Al Awadhi said.
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
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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.
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Our legal consultant
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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- Keyhole surgery under general anaesthetic
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Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
