up 26% and AED 2.884 bn in Q4’24, up 15% YoY

The Bank reports net profit after tax of AED 9.419 bn in FY’24,

up 15%, and AED 2.573 bn in Q4’24, up 5% YoY(1)

Recommended dividend of AED 0.59 per share, representing a total payout of AED 4.319 billion and equivalent to 46% of net profit
Abu Dhabi Commercial Bank PJSC (ADCB) today reported its financial results for the full-year 2024 (FY’24) and the fourth quarter of 2024 (Q4’24).

Selected financial metrics for FY’24
10.585 bn Profit before tax (AED)	9.419 bn Net profit after tax (AED)	15.2% Return on average tangible equity (post tax)
19.480 bn Operating income (AED)	16% Net loan growth (YoY)	16% Customer deposit growth (YoY)
0.58% Cost of risk	3.04% Non-performing loan ratio	12.56% CET1 ratio

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FY’24 profit before tax surges through AED 10 bn milestone driven by strong broad-based growth as core businesses support a vibrant UAE economy

Key highlights – FY’24 vs. FY’23

• Profit before tax of AED 10.585 bn increased 26%
• Net profit after tax of AED 9.419 bn(1)
• Net interest income of AED 13.226 bn increased 7%
• Non-interest income of AED 6.254 bn increased 39%, with net fees and commission income up 27%
• Operating income of AED 19.480 bn increased 15%
• Cost to income ratio of 31.0% improved by 130 basis points
• Operating profit before impairment charge of AED 13.448 bn increased 18%

Key highlights – Q4’24 vs. Q4’23

• Profit before tax of AED 2.884 bn increased 15%
• Net profit after tax of AED 2.573 bn(1)
• Net interest income of AED 3.505 bn increased 3%
• Non-interest income of AED 1.962 bn increased 57%, with net fees and commission income up 25%
• Operating income of AED 5.467 bn increased 17%
• Cost to income ratio of 28.6% improved by 340 basis points
• Operating profit before impairment charge of AED 3.902 bn increased 23%

(1) UAE corporate income tax of 9% came into effect as of 1 January 2024. Q4’23/FY’23 net profit is on a pre-UAE corporate tax basis, therefore year-on-year comparison is not on a like-for-like basis

ADCB captures greater market share, with FY’24 net loans and deposits both growing

at accelerated pace of 16% YoY, while CASA(1) deposits increased AED 16.45 bn in Q4’24

• Total assets of AED 653 bn increased 15% YoY and 2% QoQ
• Net loans of AED 351 bn were up 16% (AED 49 bn) YoY and 2% (AED 7 bn) QoQ, with a CAGR of 10% since 2020
• New credit extended totaled AED 112 bn in FY’24, with AED 61 bn of repayments
• Total customer deposits of AED 421 bn increased 16% (AED 58 bn) YoY and 4% (AED 14 bn) QoQ, with a CAGR of 14% since 2020
• Current and savings account (CASA) deposits stood at AED 186 bn at December-end, following a significant increase of AED 16.45 bn (10%) during Q4’24 to account for 44% of total customer deposits versus 42% at the end of Q3’24
• Capital adequacy and CET1 ratios were at 16.13% and 12.56% respectively
• Liquidity coverage ratio (LCR) stood at 137.3%, while loan to deposit (LTD) ratio was 83.3%
• Cost of risk improved to 0.58% in FY’24 from 0.79% in FY’23
• The NPL ratio improved to 3.04%, the lowest level over the last five years, and reduced from 3.73% at the end of 2023. Provision coverage ratio was 110.0% and, when including collateral, was 188%, their highest levels in the last five years

H.E. Khaldoon Khalifa Al Mubarak

Chairman

“ADCB continued on a trajectory of accelerated growth in 2024, delivering an exceptional financial and operating performance marked by strong loan growth, enhanced efficiencies and significant improvement in cost of risk.

Having created substantial shareholder value over the past five years, the Bank remains committed to delivering operational excellence to lead the next phase of growth and transformation in the UAE banking sector.

A new Board-endorsed strategy sets a clear path for significant expansion of the core businesses, while leveraging the Group’s capabilities and networks. ADCB will continue to invest significantly in talent and technology to increase productivity and enhance customer experience.

The Bank sees significant opportunity in the UAE’s agenda to build a diversified knowledge-based economy, invest in clean energy and become a global leader in AI and emerging technologies. ADCB stands ready to deploy its financial strength and expertise to support the country’s domestic and international investments in the coming years.

As we take bold strides into the next phase of growth, I would like to take this opportunity to thank our shareholders and customers for their continued trust and support, and to ADCB’s employees for their dedication to serving their community.

On behalf of the Board, I would like to express our sincere appreciation and gratitude to His Highness Sheikh Mohamed Bin Zayed Al Nahyan, UAE President and Ruler of Abu Dhabi; His Highness Sheikh Mansour Bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Chairman of the UAE Central Bank; and His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, for their continued guidance and support.”

Ala’a Eraiqat

Group Chief Executive Officer

An exceptional year as ADCB achieves milestone of AED 10 billion profit before tax

“ADCB achieved a formidable performance in 2024, exceeding our AED 10 billion profit target a full year ahead of schedule through rigorous execution of strategy to drive excellence on all fronts.

Embarking on a post-merger five-year journey amid the challenges of the global pandemic in 2020, the Bank has surpassed all its ambitious goals, recording 14 consecutive quarters of core organic growth.

As a major financial institution intrinsically linked to the UAE’s dynamic growth, ADCB has transformed in terms of scale, profitability and sophistication. Having delivered on all key guidance metrics in 2024, we are now launching a new strategy to sustain this strong momentum and contribute to the country’s progressive economic agenda.

Creation of significant shareholder value through our five-year journey

Since 2020, ADCB has increased profit before tax at a compound annual growth rate (CAGR) of 28% to reach AED 10.585 billion in 2024, and AED 9.419 billion after tax. Return on average tangible equity (post tax) has increased to 15.2% from 8.3% in 2020. The creation of significant value is reflected in a five-year total shareholder return of 75%, supported by a dividend payout that has more than doubled to AED 0.59 per share for the 2024 financial year.

ADCB’s strong market position has driven significant balance sheet expansion, with assets increasing 59% since the end of 2020 to surpass the AED 650 billion milestone. Our strong franchise has driven a 67% increase in deposits over this period, and even amid higher interest rates, the Bank attracted AED 18.5 billion of current and savings accounts (CASA) deposits in 2024, contributing to a favourable cost of funds.

An important feature of our growth is the broadening of customer relationships, driving fee income and resulting in well diversified revenue streams. Non-interest income has increased to 32% of operating income in 2024, from 22% in 2020.

Our growth is characterised by investment in talent and technology to enhance productivity, and our sharp focus on efficiency has improved the cost-to-income to 31.0% in 2024, representing a reduction of 530 basis points from 2020. Meanwhile, we have prioritised asset quality through disciplined risk management, driving an improvement in cost of risk to 58 basis points from 145 basis points in 2020. The NPL ratio of 3.04% in 2024 was at its lowest level over the last five years.

Dedication to service excellence is key to expanding market share, a commitment that positioned ADCB as the highest-ranked bank in the KPMG UAE Customer Experience Excellence Report and drove an 8.7%(3) increase in brand value in 2024.

Note: CAGR calculations are from 2020 to 2024

(1) Net of loss on discontinued operations, as applicable

(2) Excluding one-off gain recorded from the divestment of an 80% stake in Abu Dhabi Commercial Properties (ADCP) in Q4’23

(3) 2024 Banking 500 Report by Brand Finance, a leading brand consultancy

Deeper relationships drive loan growth and fee income

The Retail Banking Group (RBG) welcomed over 740,000 new customers in 2024, with 83% onboarded through digital channels. ADCB’s cards business is operating at twice the scale it was five years ago and ranks as the number one issuer of cards in the UAE, with 243,000 new cards issued in 2024, up 7% year on year. Supported by increased straight-through processing of service requests, digital engagement increased, with subscriptions to online and mobile banking surpassing the 2 million milestone, now covering 91% of retail customers.

ADCB’s Private Banking & Wealth Management Group has become one of the country’s largest home-grown private banks, doubling its client base in the last five years as the UAE enhanced its status as a global business and lifestyle destination.

The Corporate and Investment Banking Group (CIBG) achieved strong loan growth across key economic sectors, including manufacturing, trading, and financial institutions. Notably, the Bank has enhanced its risk profile through a strategic rebalancing of its portfolio towards government-related entities (GREs), which accounted for 42% of total gross loan growth in 2024.

Corporate relationships are broadening to capital markets advisory, transaction banking and sophisticated treasury services, driving a marketleading fee-to-income ratio. In 2024, ADCB operated on par with major global investment banks in regional deals, ranking seventh(1) by the volume of bonds and sukuk issuances arranged in the Middle East and North Africa. The business is supporting clients through a strategic regional presence, including a new branch in Saudi Arabia and a rebranded ADCB corporate hub in Kazakhstan serving Central Asia and the Caucasus(2).

ADCB Egypt is making a strong contribution to the Group’s ability to serve clients across the region, and performed exceptionally well, doubling net profit to EGP 3.593 bn(3) and delivering a return on equity of 34% in 2024. The Bank has developed important public sector and corporate relationships and has established a solid foothold in the affluent retail banking segment.

Meanwhile, our Islamic retail banking subsidiary, Al Hilal Bank, continues to transform under the leadership of newly appointed Chief Executive Officer Jamal Al Awadhi, a seasoned Emirati executive who is guiding implementation of an ambitious growth strategy. Through evolution into a digital-only service, Al Hilal Bank is leveraging its cloud-based platform to attract a young demographic, with an average of over 14,000 customers onboarded per month in 2024. The Bank is focused on rolling out a self-service model to enhance digital access, service speed, and cost efficiency.

New strategy for sustained growth

ADCB’s new Board-endorsed strategy is designed to maintain the momentum of growth by significant scaling up of our core businesses and investment in new highpotential opportunities.

Investing in talent is key to the sustainable growth of the financial sector, and in 2024, ADCB recruited c. 400 UAE nationals, bringing the total to more than 2,100 — representing approximately 40% of the employee base and one of the highest levels in the industry. The Bank is proud to have set a new benchmark for the sector by achieving 100% Emiratisation across all banking roles in its Al Ain operations. Experienced Emirati leaders are playing a central role in shaping the Group’s strategic vision, driving critical decisions through majority representation on key executive committees.

An important element of the new strategy is the responsible deployment of artificial intelligence. We have already successfully implemented early usecases across regulatory compliance, risk management, and customer service, and we have put in place a framework for further adoption to enhance decisionmaking, increase productivity and elevate customer experience.

We remain committed to the responsible management of ESG risks and opportunities, fostering long-term stability and value creation for stakeholders. This commitment is reflected in the Bank’s recent MSCI ESG rating upgrade to ‘AA’, ranking it as a global industry leader — driven by its record in data privacy management, sustainable finance and ethical business practices. ADCB was subsequently included in the FTSE4Good Index Series driven by an independent assessment by FTSE Russell that placed the Bank above the global financial industry average across all ESG criteria.

The UAE’s economy is underpinned by strong fundamentals, driven by a pro-business policy agenda to promote diversification, sustainable development and cross-border investment. As a leading financial institution, ADCB is at the heart of this progress, committed to driving growth through innovative financing solutions.”