By Staff Reporter
Dubai: The 2024 results are turning out to be high points for UAE banks, with Abu Dhabi Islamic Bank’s net profit surging 16% to Dh6.1 billion.
ADIB has recommended a dividend of Dh3.03 billion, which makes up half of its net profit tally. (In Q4-2024, the bank’s profit before tax totalled Dh1.6 billion, which was a 7% increase year-on-year.)
“The substantial increase in our profitability and the strength of our capital position has allowed the Board to recommend a cash dividend per share of 83 fils for 2024 amounting to Dh3.03 billion, which is the highest payout since inception of ADIB,” said Jawaan Awaidah Al Khaili, Chairman of ADIB.
The other key element that some of the leading UAE banks have shown is the reduction on impairments. For ADIB, that was down 18% to Dh620 million during 2024, which meant a cost of risk of 53 basis points.
ADIB revenues were up 14% to Dh10.6 billion from Dh9.3 billion in 2023. “This growth was supported by strong increases in both income from financing activities and non-funding income,” said a statement. “The strong business volumes across all segments and products, along with continued strength in fee-based businesses, played a significant role in this improvement.”
A new high for Emirates Islamic
In Dubai, Emirates Islamic had its best profit before tax tally of Dh3.1 billion, a 46% increase over the previous year. Total income gained 13% to Dh5.4 billion while assets grew 27% to Dh111 billion.
Emirates Islamic bank’s assets grew at a ‘faster rate compared to any of the UAE Islamic banks since 2020…’.
Emirates Islamic bank’s assets grew at a ‘faster rate compared to any of the UAE Islamic banks since 2020…’.
Gulf News Archive
“The Bank’s remarkable trajectory is reflected in a very strong balance-sheet, with assets growing at a faster rate compared to any of the UAE Islamic banks since 2020,” said Hesham Abdulla Al Qassim, Chairman of Emirates Islamic. “Profit before tax grew by an incredible 46% to AED 3.1 billion while total income was up by 13% in 2024, driven by higher funded and non-funded income.”
Source: Gulf News
