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ADIB 2024 profit rises 16% to $436m on revenue surge

ADIB's total assets reached AED226 billion as of December 31, 2024, an increase of 17 percent from last year ADIB
ADIB's total assets reached AED226 billion as of December 31, 2024, an increase of 17 percent from last year

Abu Dhabi Islamic Bank (ADIB) reported a 16 percent annual surge in net profit to AED6.1 billion ($435.6 million) in 2024, driven by strong balance sheet growth, increased business momentum and diversified revenue growth.

Revenue rose by 14 percent to AED10.6 billion from AED9.3 billion last year. This growth was supported by strong increases in income from financing activities and non-funding income.  

Operating expenses stood at AED3.1 billion, an increase of 3 percent year on year. Annual net impairment charge decreased by 18 percent to AED620 million.  

“Our strong market position has allowed us to grow our market share by attracting 216,000 new customers in 2024,” said chairman Jawaan Awaidah Al Khaili.

However, Abu Dhabi’s largest Islamic bank reported a 2 percent decline in profit to AED1.46 billion in the fourth quarter of 2024, compared to AED1.50 billion a year ago.

Zakat and tax expenses rose 437 percent year on year to AED178 million in the fourth quarter, with non-funded income down 1 percent annually to AED974 million.

Total operating expenses and impairment provisions fell by 6 percent and 9 percent to AED821 million and AED172 million, respectively.

Total assets reached AED226 billion as of December 31, 2024, an increase of 17 percent from last year, supported by an increase in net financing and investment portfolio.

In the previous five years, the balance sheet expanded by almost AED100 billion, achieving a compound annual growth rate of 15 percent.

Gross customer financing increased 22 percent year on year to AED147 billion, driven by growth in retail financing portfolios and wholesale financing, mainly government and public sector enterprises.  

ADIB’s board has recommended a cash dividend of AED3.03 billion, or 83 fils per share, for 2024, the highest payout since its inception.