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Net profit of AED 209 million, up 76% yoy resulting in an EPS of AED 0.10 per share
Total income increased by 27% yoy to AED 447 million driven by higher net interest income
Annualised return on shareholders’ equity (RoSE) hence has improved to 17.8% as compared to 11.0% for Q3’22
Further improvement in asset quality metrics with NPL ratio reduced to 6.4%, whilst coverage improved to 118%; annualised cost of risk also significantly declined to 41bps from 76bps in the corresponding prior year period
Disciplined expense management with cost-income ratio reducing to 47% from 52% yoy
Customer deposits grew 7% ytd with higher growth in CASA deposits driven by various initiatives; CASA ratio at 36%
Capital position remains robust with CET1 of 13.9% and total capital adequacy ratio (CAR) at 19.8%
BBB+/Ba1 credit ratings affirmed by Fitch and Moody’s, respectively, with the latter upgrading the outlook to ‘Positive’
