Connect with us

Announcements

ADCB reports 23% growth YoY

Published

on

Abu Dhabi Commercial Bank PJSC (ADCB) today published its financial results for the second quarter of 2023 (Q2’23), reporting a net profit of AED 1.932 bn, an increase of 23 percent year-on-year (YoY). This strong performance is driven by broad-based income growth and improved efficiency metrics.

ADCB logged a net interest income of AED 2.930 bn, an increase of 14 percent YoY, and a non-interest income of AED 1.129 bn, a 22 percent YoY increase.
Meanwhile, the bank’s operating income stood at AED 4.059 bn, climbing 16 percent YoY, with its cost to income ratio improving 260 basis points YoY to 32.5 percent.

Looking at ADCB’s performance in H1’23 as compared to H1’22, net profit reached AED 3.811 bn, a 25 percent increase, net interest income stood AED 5.782 bn, a 23 percent increase, while non-interest income settled at AED 2.190 bn, rising by 28 percent. The operating income reached AED 7.971 bn, increasing by 24 percent, while the bank’s cost to income ratio improved 450 basis points YoY to 32.0 percent.

Commenting on the bank’s quarterly financial results, Ala’a Eraiqat, ADCB’s Group Chief Executive Officer, said, “ADCB is experiencing solid growth momentum and continues to set new records, with first half net profit up 25 percent year on year at AED 3.811 billion, which translates into a return on average tangible equity of 14.8 percent.

“The Bank’s strong market position and digital innovation are driving growth against a backdrop of the UAE’s robust economic fundamentals. In the first half, ADCB extended AED 38 billion in new credit across diverse economic sectors and to the retail segment, resulting in net loan growth of 5 percent during the period. In tandem, deposits have also increased by AED 7 billion, reflecting the trust that customers place in our franchise.”

“The Bank’s focus on service excellence is translating into strong growth in our customer base. In the first half, ADCB attracted a record of over 260,000 new retail customers through its UAE operations, and over 3,500 new corporate clients,” he added.

For his part, Deepak Khullar, Group Chief Financial Officer at ADCB, commented, “ADCB is delivering high quality earnings growth, reporting a 23 percent year on year rise in Q2 net profit, characterised by a broad-based increase in revenues and disciplined cost management in the face of an inflationary environment.

“Healthy loan growth, coupled with rising benchmark rates, have driven a 14 percent year on year increase in Q2 net interest income. It is also pleasing to see continued diversification in revenue streams. Quarterly fee and trading income were up 43 percent and 48 percent year on year, respectively. This contributed to a 22 percent rise in non-interest income, which represented 27.8 percent of total operating income in Q2, up from 26.4 percent a year earlier.”

  • WAM

Announcements

Sheikh Mohammed pardons 686 prisoners ahead of Eid Al Adha 2024

Published

on

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Thursday ordered the release of 686 inmates in correctional facilities on the occasion of Eid Al Adha.

Counselor Issam Issa Al Humaidan, Attorney General of the Emirate of Dubai said that the Public Prosecution immediately began coordinating with the Dubai Police General Command to implement the release order.

President Sheikh Mohamed had earlier ordered the release of 1,138 prisoners. These inmates have been sentenced in various cases, and the President ensured the payment of the fines owed to them.

It is common practice for Rulers of each of the UAE’s emirates to pardon prisoners during significant Islamic occasions. The President’s pardon allows the released prisoners to rethink their future and positively contribute to the service of their families and communities to lead successful social and professional lives.

Continue Reading

Announcements

22 Chief AI officers appointed in government entities

Published

on

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said that under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai remains committed to developing a pioneering model for AI-enabled government operations, as part of its broader vision to establish itself as a global leader in government innovation.
His Highness made these remarks on the occasion of appointing 22 Chief Artificial Intelligence Officers across various government entities in Dubai, who will spearhead specialised plans and programmes in the field of AI and advanced technology.

Sheikh Hamdan said: “We have approved the appointment of 22 Chief AI Officers across government entities in Dubai as part of a forward-looking vision aimed at leveraging AI to enhance government operations. This initiative will enhance Dubai’s progress and expertise in this sector and consolidate its position as a leader in creating innovative solutions built on advanced technology.”
“The accelerated adoption of AI, alongside the development of its tools and applications, represents a cornerstone of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, aimed at positioning Dubai as a global hub for the development and deployment of AI solutions,” His Highness added.
“The appointment of the new Chief AI Officers in the Dubai government marks the initial phase toward realising our vision for the future of government work, in line with the Dubai Universal Blueprint for Artificial Intelligence. We are confident that these officers will intensify their efforts and go the extra mile in translating our vision into reality. Their commitment is crucial in turning our ambitious plans into concrete actions that will shape the future of AI-enabled government operations in Dubai,” His Highness said.
The Chief AI Officer position was established under the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI), designed to enrich the quality of life and well-being of residents. Additionally, it supports Dubai’s endeavour to become the most future-ready city, consolidating its leadership as a global hub for technology and innovation.
DUB.AI aims to cement the emirate’s position as a global hub for AI governance and legislation, while facilitating AI adoption across strategic sectors. Additionally, the initiative bolsters Dubai’s standing in the Global AI Readiness Index, where it presently holds a position in the top 10.
The newly appointed Chief AI Officers represent several government entities across Dubai including: Community Development Authority in Dubai, Dubai Government Human Resources Department, Dubai Customs, Dubai Police, The Judicial Council, Dubai Civil Aviation Authority, Mohammed Bin Rashid Housing Establishment, Dubai Electricity and Water Authority, Digital Dubai Authority, General Directorate of Civil Defense in Dubai, Dubai Data and Statistics Establishment, Dubai Health Authority, Public Prosecution, Protocol Department in Dubai, Dubai’s Roads and Transport Authority, Dubai Culture & Arts Authority, Hamdan Bin Mohammed Smart University, Dubai Department of Economy and Tourism, Dubai Corporation for Ambulance Services, Department of Finance in Dubai, Endowments and Minors’ Trust Foundation (Awqaf Dubai), and Dubai Municipality.

Continue Reading

Announcements

UAE announces new telemarketing rules to protect consumers

Published

on

Cold callers in the UAE face fines of AED 150,000 under strict new regulations announced by the Ministry of Economy, and the Telecommunications and Digital Government Regulatory Authority (TRA), aimed at protecting people from persistent telemarketers.

From August, companies will be barred from calling customers back if they reject the service in the initial conversation and they cannot phone back if the call is declined or ended. 

Telemarketing calls will also only be allowed to be made from 9:00 a.m. to 6:00 p.m. and companies will need prior approval from authorities and face the threat of termination of operating licences if rules are broken.  When the new rules come in marketing calls can only be made from numbers of licensed companies as opposed to individual or personal numbers. 

Customers can file a complaint if any of the new rules are broken. The rules apply to all companies in the UAE, including those in free zones. 

Continue Reading

Popular

© Copyright 2021 HEADLINE. All rights reserved

https://headline.ae/