Abu Dhabi Commercial Bank, the UAE's third-largest lender, reported a 38 per cent annual increase in fourth-quarter net profit on the back of higher net interest and Islamic financing income.
Net profit for the three months to the end of December climbed to Dh2.45 billion ($667 million), ADCB said on Wednesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Net interest and Islamic financing income during the period rose by an annual 17 per cent to Dh3.4 billion.
The bank also recorded lower impairments during the period.
"In 2023, ADCB successfully navigated a dynamic global economic landscape to deliver strong growth, further solidifying its position as a leading financial institution and a vital catalyst for the UAE's economic ambitions," said chairman Khaldoon Al Mubarak.
Banks in the UAE have been benefiting from growth in the UAE's economy as it pushes to diversify away from oil.
The UAE Central Bank expects the country's economy to grow by 5.7 per cent in 2024, faster than its previous projection of 4.3 per cent, driven by an expected rise in oil production this year.
ADCB's full-year profit rose 28 per cent annually to Dh8.2 billion as net interest and Islamic financing income surged 21 per cent to Dh12.3 billion. Operating expenses during the period climbed 12 per cent to Dh5.4 billion.
The lender's total assets in 2023 grew 14 per cent year on year to Dh567 billion, while net loans and advances rose 17 per cent to about Dh302 billion. Deposits from customers increased 17 per cent annually to about Dh363 billion.
Last month, ADCB agreed to divest an 80 per cent stake in Abu Dhabi Commercial Properties to Nine Yards Plus Holding, a subsidiary of Abu Dhabi-based Ethmar International Holding for Dh490 million as it focuses on its core banking business.
The bank is also expanding its regional footprint in Saudi Arabia to capitalise on growth opportunities in the Arab world’s largest economy as it seeks to grow its clientele in the kingdom.
The bank this month received in-principle approval from the kingdom’s council of ministers to open a branch in Riyadh, subject to final regulatory approvals.
"ADCB is now setting its ambition higher, adopting new five-year targets designed to increase market share further," said Ala’a Eraiqat, group chief executive of ADCB.
The lender has recommended a dividend of Dh0.56 per share for 2023, representing a total pay-out of Dh4.099 billion, which is equivalent to 50 per cent of the net profit, according to the statement.
UAE currency: the story behind the money in your pockets
Results:
Men's 100m T34: 1. Walid Ktila (TUN) 15 sec; 2. Rheed McCracken (AUS) 15.40; 3. Mohammed Al Hammadi (UAE) 15.75. Men's 400m T34: 1. Walid Ktila (TUN) 50.56; 2. Mohammed Al Hammadi (UAE) 50.94; 3. Henry Manni (FIN) 52.24.
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
RESULTS
5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud
6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
