Abu Dhabi Islamic Bank's net profits rose by 39% to reach 5 billion dirhams in 2023, beating analysts' average expectations of 4.6 billion dirhams.
The increase in profits is due to the growth of operating revenues by 60% to 12.4 billion dirhams, in addition to the decrease in provisions by 1% to 760 million dirhams in the same year.
In terms of the financial position, the bank’s assets increased by 14% to reach 193 billion dirhams as a result of an increase in financing by 7% to 115 billion dirhams in 2023.
The Board of Directors recommended distributing cash dividends to shareholders of about 71 fils per share for last year, conditional on the approval of the bank’s general assembly, which is scheduled to be held on February 29.
Abu Dhabi Islamic Bank shares rose by 0.9% in the Tuesday session before the announcement of the financial results, recording its highest daily close in nearly 4 months.
