Abu Dhabi Islamic Bank (ADIB) achieved a record performance in 2024, with net profit after tax totaling AED6.1 billion ($1.66 billion) in 2024, an increase of 16 percent compared with AED5.25 billion ($1.42 billion) in 2023. Net profit before tax increased by 26 percent year-over-year (YoY) to AED6.9 billion ($1.87 billion).
During the last quarter of 2024 (Q4 2024), net profit before tax reached AED1.6 billion, up 7 percent YoY. The Bank’s Board recommended a cash dividend per share of 83 fils for 2024, amounting to AED3.030 billion.
Revenue and asset growth
Revenue for 2024 improved by 14 percent to AED10.6 billion compared to AED9.3 billion last year. This growth was supported by strong increases in both income from financing activities and non-funding income. Total assets increased by 17 percent YoY to reach AED226 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment portfolio.
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Financing and deposits rise significantly
Customer financing grew by 24 percent YoY, representing an AED28 billion increase in financing in 2024, while customer deposits rose by 16 percent YoY to AED183 billion, compared with AED157 billion last year.
Robust capital and liquidity position
ADIB maintained a robust capital position with a Common Equity Tier 1 ratio of 12.1 percent and a total Capital Adequacy Ratio of 16.2 percent. The bank’s liquidity position was healthy and within regulatory requirements, with the advances to a stable funding ratio at 81.0 percent and the eligible liquid asset ratio at 17.8 percent.
Total shareholders’ equity rose 11 percent YoY to AED23 billion, led by growth in earnings, while the return on equity (RoE) stood at 28 percent in 2024.
Q1 net profits
In Q1 2024, ADIB reported a net profit of AED1.45 billion for, a 32 percent increase from AED1.1 billion in Q1 2023. The bank’s net profit before tax reached AED1.64 billion, reflecting a 41 percent growth compared to the previous year. ADIB’s revenue also saw significant growth, totaling AED2.5 billion, an increase of 34 percent year-on-year.
ADIB approves increased dividend for 2023
In March 2024, ADIB announced that its General Assembly approved a cash dividend of 71 fils per share for the fiscal year ending December 31, 2023. This totals AED2.595 billion and marks an increase from the 49 fils per share dividend in 2022. The approved dividend represents 49 percent of the bank’s net profit for the year. This decision reflects ADIB’s strong financial performance and commitment to returning value to its shareholders during the past fiscal year.
