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Net profit (before tax) reported at AED 75 million for Q1 2024 as compared to AED 55 million for Q1 2023, up 37% yoy
Net profit (after tax) reported at AED 68 million for Q1 2024 as compared to AED 55 million for Q1 2023, up 25% yoy and 47% sequentially. This resulted in an EPS of AED 0.033 per share compared to AED 0.027 per share in Q1 2023 the corresponding prior year period
Annualised return on shareholders’ equity (RoSE) has improved to 15.4% as compared to 14.7% in Q1 2023
Total income increased by 33% yoy to AED 163 million for Q1 2024 compared to AED 123 million for Q1 2023 driven by higher net interest income which increased by 44% yoy
Disciplined expense management with cost-income ratio reducing to 48% from 53% in prior year period
Total Assets recorded AED 17.9 billion as of Q1 2024, with net loans, advances and Islamic financing increasing by 2% and customer deposits increasing by 4% during the quarter
Improvement in asset quality metrics with NPL ratio reduced to 4.8%, whilst coverage improved to 127% compared to 7.8% and 102% in Q1 2023, respectively
Capital position remains robust with CET1 of 13.1% and total capital adequacy ratio (CAR) at 18.4%
The Bank’s liquidity profile remains strong as evidenced by an advances to stable resources ratio of 76% and an eligible liquid asset ratio of 16%, both comfortably above regulatory thresholds
BBB+/Ba1 credit ratings affirmed by Fitch and Moody’s, with the outlook of 'Stable' and 'Positive' respectively
