Adib net profit jumps 55% to AED3.62 billion in 2022

Adib net profit jumps 55% to AED3.62 billion in 2022

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Abu Dhabi / Agencies

Abu Dhabi Islamic Bank (Adib) announced a net profit of AED3.62 billion in 2022, a 55% increase from the previous year. The bank also reported a 60% growth in Q4 2022 with a net profit of AED1.2 billion, compared to AED728 million in Q4 2021. Adib’s revenue increased by 23% to AED6,835 million in 2022, driven by a 43% increase in fees and commissions and a 24% growth in funded income.

The chairman of Adib, Jawaan Awaidah Al Khaili, said the results will allow the bank to invest and grow, while supporting the national economy and UAE’s sustainability agenda.

“2022 was an unprecedented year for Adib as we delivered a record performance of AED3.62 billion for the first time in our history. Our team’s relentless efforts and unwavering commitment to excellence helped us achieve these results, setting a new standard for success. Our initiatives to diversify our income, expand into new segments while managing asset quality served us well to deliver a ROE of 21.4%. This has allowed the board to recommend a dividend of 49 fils per share compared to