ADIB delivers a strong set of results for H1 2022
- Date: 20-Jul-2022
- Source: Zawya
- Sector:Financial Services
- Country:UAE
ADIB delivers a strong set of results for H1 2022
Strong year on year Revenue growth driven by core business
- 30% y-o-y increase in Net Profit to AED 1.4 billion for the first half of 2022 with ROE improving 3.7 percentage points to 17.3%
- Revenue up 7% y-o-y to AED 2.8 billion driven by 5% growth in funded income and 11% increase in non-funded income
- Effective cost control strategy leads to a reduction of 3.1 percentage points in cost to income ratio to 40.9%
- Improved economic outlook drives 38% impairment decline, despite improved coverage on non-performing financing
- Steady balance sheet growth to AED 142 billion with 10% customer financing growth and 10% deposits growth y-o-y
- Robust capital position with a common equity tier 1 ratio of 12.8%
Abu Dhabi, UAE – Abu Dhabi Islamic Bank reported year-on-year growth in Net Profit of 30% for the first half of 2022 to AED 1.4 billion from AED 1.1 billion in H1 2021, resulting from solid top-line growth, continued optimisation of the cost base and lower impairments. Revenue for H1 2022 improved 7% to AED 2,838 million compared to AED 2,644 million last year. This arose from an 11% year-on-year increase in non-funded income to AED 1,169 million driven by 26% increase in fees