ADCB net profit rises 23% to Dh6.43 billion in 2022

ADCB net profit rises 23% to Dh6.43 billion in 2022

Abu Dhabi Commercial Bank reported a net profit of Dh6.434 billion for the full-year 2022, up 23 per cent compared to the year-ago period. The bank’s board has recommended dividend of Dh0.55 per share, equivalent to 60 per cent of net profit, it said on Tuesday. Net interest income for the full year stood at Dh10.194 billion, a 15 per cent increase over the previous year, driven by loan growth and a higher benchmark rate environment, while operating income grew 17 per cent to Dh14.344 billion. “As one of the UAE’s largest financial institutions, ADCB performs a vital role in supporting the UAE’s economic growth and momentum. Through broad-based growth, consistent operating performance, and record net profits in 2022, ADCB demonstrated resilience and an ongoing ability to navigate complex macroeconomic challenges,” said chairman Khaldoon Al Mubarak. “ADCB begins 2023 as a financial institution fully aligned with the nation’s ambitious future priorities, including ensuring economic growth and a commitment to diversified, sustainable business practices.” The bank also benefited from significant growth in diversified income streams, with non-interest income increasing 22 per cent to Dh4.151 billion in FY 22. Non-interest income accounted for 29 per cent of total operating income in FY22,