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Key highlights (FY’23)

  • Net profit of AED 255 million, up 65% yoy resulting in an EPS of AED 0.12 per share
  • Total income increased by 15% yoy to AED 576 million driven by higher net interest income with NIM enhanced to 3.1%
  • Return on shareholders’ equity (RoSE) has improved to 15.8% as compared to 10.3% for FY’22
  • Further improvement in asset quality metrics with NPL ratio significantly reduced to 5.0% compared to 8.2% a year ago, whilst coverage improved to 132%; cost of risk also significantly declined to 39bps from 114bps in the corresponding prior year period
  • Double-digit growth (+25%) in assets to AED 17.6 billion was led by 23% increase in loans, advances and Islamic financing and 31% growth in the investments portfolio, supported by 19% growth in customer deposits; strong business momentum witnessed in the 4th quarter positions the bank well to benefit going ahead in 2024
  • Capital position remains robust with CET1 of 13.5% and total capital adequacy ratio (CAR) at 19.0%
  • BBB+/Ba1 credit ratings affirmed by Fitch and Moody’s, respectively, with the latter upgrading the outlook to 'Positive'

You can reach us using any of the following numbers

UAB Toll Free

800 474

International callers

+971 6 5987332

Sadara Toll Free

800 72 32 72

Sadara international

+971 6 5987333

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