17.1 billion dirhams net profits "Abu Dhabi I" During 2024

2025/02/06 11:19:58 AM

4 minutes read

Abu Dhabi, February 6/ WAM/ The first Abu Dhabi Bank announced its financial results for the year 2024, as the group’s net profit increased to 17.1 billion dirhams, an increase of 4% compared to last year, and revenues amounted to 31.6 billion dirhams, with a growth of 15% compared to last year .
The net profit was recorded before the tax was calculated by 13%, reaching 19.9 billion dirhams, which reflects the continuous increase in the size of customer and business activities, the diversity of income sources, and operational competencies in all markets of the group network. This performance embodies the continued growth of the bank’s business during the successive years at all levels, crowning its position as the World Bank of the United Arab Emirates.
During the fourth quarter of 2024, net profits increased by 4% compared to last year to 4.2 billion dirhams, while revenues achieved 11% growth compared to the fourth quarter of 2023, reaching 7.7 billion dirhams.
The bank’s board of directors recommended the distribution of cash dividends of 75 fils per share for the fiscal year ending on December 31, 2024, with total distributions of 8.3 billion dirhams, equivalent to 51 % of the net profits of the group available for distribution.
The distribution of cash profits is subject to the approval of the shareholders at the General Assembly meeting to be held on March 11, 2025.
Double -number growth contributed to the revenue of local operations, which increased by 11% and international operations by 32% during the year 2024 by supporting the continuous expansion of the rule of assets, while the first Abu Dhabi Bank continued to enhance its international activities in 20 main markets around the world.
The total assets increased by 4% compared to last year to reach 1.21 trillion dirhams, as at the end of December 2024, in conjunction with the growth of loans, predecessors and Islamic finance by 9% compared to last year to reach 529 billion dirhams, and customer deposits achieved 3% compared to Last year to reach 782 billion dirhams.
His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Board of Directors of Abu Dhabi Bank Group, said: The performance of the first Abu Dhabi Bank in 2024 is the culmination of the march of successive years of growth in business volume and increased profitability, and reflects the success of the group’s strategy in consolidating the bank’s position as the World Bank of the Emirates United Arab Emirates, and thanks to the economic growth witnessed by the state and the strategic achievements that included strengthening and developing relations in all major economic markets, the first Abu Dhabi Bank achieved strong results last year, supported by increasing the volume of business, expanding sectors and providing innovative services, which strengthened the state’s position as a major center for money and business At the same time, it was embodied by the vision of good leadership, which aims to create an international and integrated business environment.
His Highness added: The first Abu Dhabi Bank will continue its commitment to achieving a sustainable value for its shareholders, as the Board of Directors recommends distributing cash dividends worth 75 fils per share with a total of 8.3 billion dirhams for the year 2024.
His Highness Sheikh Tahnoon bin Zayed Al Nahyan concluded by saying: Given the future, the bank will remain one of the main pillars supporting the achievement of future national visions that focus on innovation, sustainable growth, and link local, regional and international economies within a global financial system with distinction.
For its part, Hana Al -Rostamani, CEO of Abu Dhabi Bank First Group, said: The first Abu Dhabi Bank Group has achieved strong results during the year 2024, as a result of our continued provision of a better value to our customers and our application of our strategy aimed at establishing our position as a global bank for the UAE.
She pointed out that the group’s strategy resulted in revenue growth in the UAE markets, which constitute the main base of the bank and its growth axis, and strengthened its international business portfolio, which achieved a 32% increase in revenues as a result of diversification of business sectors and enhancing income sources.
Al -Rostamani pointed out that the bank’s strong public budget, its strong capital base, high -quality assets, and the management of effective risks are all combined, contributing to consolidating the position of Abu Dhabi Bank’s first as a reliable financial institution capable of achieving sustainable growth that meets the aspirations of customers and shareholders alike.
She added: We also continued to advance in our efforts related to environmental and social governance and corporate governance, as we have provided financing facilities for sustainable and transitional projects worth 267 billion dirhams until today, which represents more than half of the first half of the Abu Dhabi Bank of 2030, which amounted to 500 billion dirhams, and we also made remarkable progress in Achieving our goals to reduce carbon emissions, and we have become the first bank in the region to publish a report consistent with the criteria of financial disclosures related to nature with the aim of paying a feet of sustainable development wheel, for the good of our customers, societies and our country.
She emphasized that the countries of the region are witnessing continuous growth, which opens up broad prospects for us to link the UAE and the Middle East with the world.
She emphasized the commitment to continue investing in technology and innovation to improve efficiency, enhance our services, and raise the bank’s competitiveness.
In turn, Lars Kramer, head of financial affairs for the first Abu Dhabi Bank Group, said: “The group achieved a strong performance during the fourth quarter of the year 2024 and the total net profit for the year is 17.1 billion dirhams, an increase of 4% compared to 2023, while it rose before taxes by 13 % To reach 19.9 billion dirhams.
During the past year, the revenues of banking services for investment increased by 19% compared to the previous year, and revenues in global markets increased by 18%.
The pace of the growth of banking services for individuals accelerated, as the number of new customers increased by 20%, and loans and deposits increased by 15% and 17%, respectively, while current account balances and savings accounts grew significantly.
Abu Dhabi First Bank continues its regional leadership in green bond versions and bonds related to social responsibility and sukuk, as the existing publications amounted to $ 4.1 billion.
The bank supported small and medium companies with more than 4.3 billion dirhams of new financing during the fiscal year 2024, with a growth of 30% compared to last year.