Abu Dhabi Islamic Bank (ADIB) on Tuesday reported a 16% year-on-year (YoY) rise in FY 2024 net profit at 6.1 billion dirhams ($1.6 billion).

Net profit for Q4 2024 was AED 1.46 billion, 2% lower YoY.

The effort for FY 2024 topped analysts’ mean estimate of AED 5.42 billion, while Q4 profit also beat the AED 1.3 billion estimate. 

Revenues increased by 14% in 2024 to AED 10.6 billion versus AED 9.3 billion in 2023. 

The net impairment charge for FY decreased by 18% to AED 620 million.

The Shariah-compliant lender has proposed cash dividend of 83 fils per share representing a total payout of AED 3 billion and equivalent to 50% of 2024 net profit.

(Writing by Brinda Darasha; editing by Seban Scaria)  

brinda.darasha@lseg.com