“First Abu Dhabi” increases its profits by 7% in 2022

The net profit of First Abu Dhabi Bank increased by 7% to reach 13.4 billion dirhams during the year 2022, as the basic earnings per share reached 1.18 dirhams.

According to the Emirates News Agency, WAM, the group's net profit during the last quarter amounted to 2.5 billion dirhams, compared to 2.9 billion dirhams during the third quarter of 2022, which reflects conservative provisions and evaluations.

While total revenues amounted to 23.9 billion dirhams, an increase of 10% compared to the same period in 2021, as a result of an increase in net interest revenues by 23% and the gains resulting from the sale of a stake in the Magnati Payments Company.

Operational costs amounted to 6.7 billion dirhams, an increase of 15% as a result of the merger of operational operations in Egypt (First Abu Dhabi Bank - Egypt). During the last quarter of 2022, some technical systems that were discontinued were written off as part of the continuous strategy for technological transformation, in addition to continuing investments.

Net impairment provisions amounted to 2.8 billion dirhams, an increase of 7% compared to 2021, which reflects the studied provisions, which amounted to 1.1 billion dirhams during the last quarter of 2022; The annual risk cost amounted to 62 basis points during the fiscal year 2022, compared to 65 basis points for the year 2021.

The Board of Directors of First Abu Dhabi Bank recommended a cash dividend of 52 fils per share, with a total dividend of 5.7 billion dirhams for the fiscal year 2022, compared to 49 fils per share for the year 2021.

Loans and deposits

Loans, advances and Islamic financing recorded 460 billion dirhams, an increase of 12% compared to the same period in 2021, outperforming the total banking sector average of 5.5%, while customer deposits amounted to 701 billion dirhams, an increase of 14% compared to the same period in 2021, despite Due to the rise in interest rates, current and savings account deposits increased by 3% compared to the same period in 2021.

The liquidity coverage rate reached 154%, reflecting the high liquidity rates and various financing sources, while the non-performing loans rate reached 3.9%, while the provisions coverage rate reached 98%. basis point compared to 2021, as a result of the bank’s ability to continuously enhance capital, and continue its risk-weighted asset control initiatives.