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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'
