Abu Dhabi Islamic Bank Group CEO, Nasser Abdullah Al Awadhi, said, “The bank’s financing portfolio for sustainability currently amounts to about 5.54 billion dirhams, and work is underway to strengthen it steadily over the coming years, with clear action plans that the bank intends to launch regarding (climate neutrality).” To enhance its role as a catalyst for capital projects focused on addressing the pressing environmental and social issues facing society.”
Al-Awadhi added in statements to the Emirates News Agency, WAM, that “the bank will continue to contribute mainly to supporting sustainability efforts, as it has provided financing that takes into account its principles, and has become the first financial institution in the world to issue green bonds denominated in US dollars, while it intends to allocate an amount equal to the net proceeds of the bonds to finance… Green projects qualified to accelerate climate transformation efforts within the Bank’s sustainable financing framework.”
He stressed the main role of financial institutions in directing capital towards projects that contribute to enhancing sustainability and climate neutrality, pointing out that the bank launched a framework for sustainable financing in an effort to direct its financing towards projects that contribute to preserving the environment and promoting social justice.
Regarding the bank’s plans for expansion and growth, Al-Awadhi said: “There are many opportunities in the local market that we can benefit from during the current year, in parallel with our plans for growth and continuing to expand and enhance our market share thanks to the strong financial position of the bank and the high volume of liquidity, which enables us to achieve growth at a rapid pace.” “High, there are many plans and projects that we intend to work on, whether in terms of launching new products or providing innovative offers that contribute to enhancing our market share.”
Al-Awadi stated that the bank’s results last year exceeded the expectations of locals and observers, with net profits growing by 45% to 5.25 billion dirhams and revenues rising by 36% to 9.3 billion dirhams, which is due to the strategy of diversifying sources of income, through which the bank worked to Diversify its sources of income and develop it from sources other than funding sources.
He pointed out that revenues from fees and commissions grew by 18%, supported by growth from revenues from a large number of products, including cards, with the issuance of new cards such as the loyalty card and cash back card. Income from financing sources also grew by 47%, driven by an increase in financing operations and improved margins. Pointing to the growth of the bank’s retail sector, with the customer base increasing significantly following the addition of more than 200,000 customers, bringing the number of customers to 1.2 million customers, the majority of whom are UAE citizens.
The CEO of Abu Dhabi Islamic Bank Group pointed out that the bank will continue to strengthen its presence in major markets, including Egypt, which still represents an important strategic market for it, and said: “We continue to focus on taking advantage of the opportunities in this promising market by customizing innovative offers and solutions.” And to enhance our strong presence in the UAE, where we have more than 60 branches and more than 500 ATMs, in addition to our presence in other strategic markets that include: the Kingdom of Saudi Arabia, Qatar, the United Kingdom, and Iraq.”
Al-Awadi said that the bank, although it operates in a competitive banking environment at the state level, enjoys a good financial position that allows it to continue to benefit from the promising opportunities provided by the local market, especially since all international reports indicate that the national economy will grow by 4% in… 2024 with a large number of projects that will contribute to economic development and support economic diversification.
He stated that the bank launched many products during the past year that allowed it to increase its market share and attract new customers, while it intends to launch other products during the current year. Its strategy is based on enhancing innovation and launching new products and services, in addition to continuing to invest in the digital transformation strategy, which contributed this year to improving the level of service, raising operational efficiency, and enhancing revenues.
2024-02-20 10:31:07
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