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M anagement
Discussion & Analysis
Q1 2023 Financial Results
Abu Dhabi, UAE – 26 April 2023m
ADIB'J16'4
ADIB
ADIB delivers a strong start to 2023 with y-o-y net profit
growth of 54% to AED 1.1 billion in Q1 2023 and a ROE of
23.4%
Q1 2023 compared to Q1 2022
AED 2.0bn 35.7% AED 172bn AED 1.1bn
Reven ues Cost to Inc ome Ratio Total A ssets Net P rofit
+45% -5.3 ppts +24% +54%
AED 142bn AED 113bn AED 0.26 23.4%
Deposits Gross Customer Financing Earnings Per Share ROE
+28% +19% +56% +6.4 ppts
Q1 2023 Key Financial Highlights
 54% y-o-y increase in Net Profit to AED 1.1 billion for Q1 2023 versus AED 715 million in Q1 2022, reflecting a consistent
trend of strong growth
 ROE improved to reach 23.4% in Q1 2023 versus 17.0% in the corresponding period of last year
 Revenue up 45% y-o-y to AED 2.0 billion versus AED 1.4 billion in the corresponding period of last year
 Funded income grew by 81% to AED 1.4 billion vs AED 789 million in the corresponding period of last year, driven by
higher volumes and better margins
 Fees and commissions grew by 4% to reach AED 300 million versus AED 288 million in the corresponding period of last
year
 Cost to income ratio improved 5.3 percentage points to 35.7% versus 40.9% in the corresponding period of last year
driven by revenue growth
 Impairment grew by 29% versus the corresponding period of last year with an improvement in the coverage of non-
performing financing
 19% growth in customer financing to reach AED 113 billion versus AED 95 billion at the end of Q1 2022
 Deposits grew 28% y-o-y to reach AED 142 billion vs AED 111 billion in Q1 2022, despite rising rates, CASA balances
grew 15% y-o-y
 Earnings Per Share grew 56% to AED 0.26 in Q1 2023 from AED 0.17 in Q1 2022
 Approximately 46,000 new customers joined ADIB in the first quarter of 2023 with 57% of them opening an account
digitally
 Strong liquidity and funding profile with advances to stable fund ratio of 80.3%
 NPA ratio improved to 7.7%
 Robust capital position with a common equity tier 1 ratio of 12.55%
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 2Abu Dhabi Islamic Bank reported a growth in Net Profit of 54% for the first quarter of 2023 to AED 1.1 billion from AED 715
million in Q1 2022, underpinned by healthy business growth and higher margins.
Revenue for Q1 2023 improved by 45% to AED 2.0 billion compared to AED 1.4 billion in the corresponding period of last
year. This was driven by 81% growth in funded income to AED 1.4 billion, achieved from the growth in customer financing
and higher margins.
Cost to income ratio was managed down with an improvement of 5.3 percentage points to 35.7%. This was predominantly
driven by growth in Income and enhanced productivity.
Impairments grew 29% to AED 146 million for the first quarter of 2023. The provision coverage of non-performing financing
(including collaterals) improved by 7.6 percentage points to 128.7%.
Total assets increased 24% to reach AED 172 billion, driven by 19% growth in gross financing and 22% growth in
investments.
Customer deposits rose 28% to reach AED 142 billion driven mainly by 15% growth in Current and Savings Accounts (CASA)
despite the high rate environment.
ADIB maintained a robust capital position with a Common Equity Tier 1 ratio of 12.55% and a total Capital Adequacy Ratio
of 17.54%. The bank’s liquidity position was healthy and comfortably within regulatory requirements, with the advances
to stable funding ratio at 80.3% and the eligible liquid asset ratio at 19.6%.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 3“
H.E JAWAAN AWAIDAH AL KHAILI
CHAIRMAN
“The UAE economy saw a good start in 2023 supported by higher oil prices and continuation of the diversification strategy.
Capitalising on the encouraging economic environment, ADIB has delivered a solid performance in the first quarter of 2023
with Net Profit increasing by 54% to AED 1.1 billion on the back of excellent progress on our growth strategy and
transformation initiatives, in line with our long term plan to deliver sustainable value to all our stakeholders. The record
return on equity of 23.4% reflects the benefit of higher income as well as significant structural gains from our strategic
initiatives.
“We continued to attract new customers to the bank welcoming 46,000 new customers in Q1 2023 and growing our market
share. Our efforts have led us to be recognised as the Best Bank in the UAE by Global Finance, a testament to our robust
financial performance and pioneering approach to innovation in digital banking.
“We are also committed to embedding sustainability and ESG into our strategic plan and we are seeing a true integration
of sustainability into our businesses. We look forward to working with the UAE government and our peers to develop
innovative solutions as the UAE marked this year as the Sustainability Year and preparing to host Cop 28.
“Looking ahead, we do not believe the global macroeconomics challenges will curtail the strength and resilience of our
local economy. We see that the UAE economy will continue to improve. We remain confident that we are well positioned,
via our multi-pronged growth strategy, to deliver strong results well into the future.”
“
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NASSER AL AWADHI
GROUP CHIEF EXECUTIVE OFFICER
“We had a very successful start into 2023 , maintaining our growth momentum by delivering a 54% growth in net income
to AED 1.1 billion, a record revenue of AED 2 billion and a ROE of 23.4%. The positive performance underscores our
commitment to delivering the very best products and services to our customers and long-term value for our shareholders.
Our focus on investment and innovation, vigilant risk and controls framework, and growing balance sheet allowed us to
produce these strong returns.
“All of our business lines continued to generate solid growth this quarter. In the retail banking group, consumer spending
remained healthy with card sales up 45% and 11% growth in customer financing. In the Wholesale Bank, we were able to
grow financing by 15% as a result of strong momentum in deal execution. This growth was driven by demand from existing
large corporates as well as new to bank customers.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 4“From a capital perspective, our capital adequacy ratio of 17.54% is well above the minimum regulatory thresholds,
allowing us to sustain our growth benefiting from our strong liquidity and funding position with a 28% growth in customer
deposits to AED 142 billion.
“We continued to make necessary investments in our people, processes, and digital infrastructure across our network, to
enable future productivity and efficiency gains. Our cost to income ratio improved 5.3 percentage points to 35.7%.
“Internationally, we continued to strengthen our presence in the markets we exist in including Egypt that remains a
strategically important market for the Group, as we continued to focus on unlocking opportunities there through
specialised offerings and innovative solutions, and by strengthening our footprint.
“Despite operating in the region’s most competitive banking environment, we believe ADIB is well positioned to take
advantage of the UAE’s economic development and diversification, ensuring that our financial strength and focus on
innovation delivers a compelling offering to customers. We cannot ignore that global economic uncertainties remain, and
that there are concerns about the pressures of a rising rate environment on major segments of the UAE economy. We will
therefore maintain our conservative approach to balancing the risk and reward of new credit extension while
simultaneously building our capital.”
“
MOHAMED ABDELBARY
GROUP CHIEF FINANCIAL OFFICER
“ADIB produced another solid set of results in the first quarter of 2023 with a net profit of AED 1.1 billion, up 54% from
last year, underpinned by 45% growth in revenues. Margins widened by 79 bps to 4.35% in Q1 2023 as base rate rises
benefited our finance portfolio, offsetting an increase in funding costs.
“Underlying operating performance was strong as we saw growth across all our business segments particularly with
customer financing expanding 19% year-on-year.
“Deposit mix also improved with Current and Savings Accounts (CASA) growing 15% adding AED 12.5 billion to represent
68% of total customer deposits. In an increasing rate environment, this places us in good stead to deliver higher returns
for the rest of the year.
“Fee income remained strong and represents 15% of total income demonstrating healthy pipeline execution across the
business, in addition to increased client flow activities in cards and wealth management, which helped partially offset
softer trading and investment income.
“We also maintained adequate provision buffers with a coverage ratio at 129% with collaterals, while prudently managing
risk across the Group. Our balance sheet fundamentals remain solid across liquidity, funding and capital ratios, with
Common Equity Tier 1 ratio at 12.55% as of Q1 2023.”
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 5Group Financial Review
Income statement
AED (mn) Q1 2023 Q1 2022 Δ% Q4 2022 Δ%
Gross revenue from funds 2,014 876 +130% 1,922 +5%
Distribution to depositors (589) (87) +578% (573) +3%
Net revenue from funds 1,425 789 +81% 1,349 +6%
Investment income 213 254 -16% 869 -75%
Fees, commissions income, net 300 288 +4% 529 -43%
Foreign exchange income, net 88 76 +17% (435) +120%
Other income 10 2 +483% 7 +48%
Non-funded income 611 620 -1% 970 -37%
Total operating income 2,037 1,409 +45% 2,319 -12%
Total operating expenses before impairment charge (726) (577) +26% (688) +6%
Provision for impairment (146) (113) +29% (416) -65%
Profit before zakat and tax 1,164 719 +62% 1,215 -4%
Zakat and tax (62) (4) +1568% (48) +30%
Profit after zakat and tax 1,102 715 +54% 1,167 -6%
Non-controllable interest (43) (0.4) +11431% (31) +42%
Profit attributable to equity holders of the bank 1,059 715 +48% 1,137 -7%
EPS – AED 0.26 0.17 +56% 0.30 -12%
Net profit margin – YTD 4.35% 2.92% +1.4ppts 3.56% +79bps
Cost to income ratio - YTD 35.7% 40.9% -5.3ppts 34.9% +74bps
Cost of risk – YTD 0.29% 0.44% -15bps 0.58% -29bps
ROAE – YTD 23.4% 17.0% +6.4ppts 21.4% +2.0ppts
ROAA – YTD 2.84% 2.13% +71bps 2.37% +47bps
• Group net profit grew 54% in Q1 2023 to AED 1.1 billion compared to AED 715 billion in Q1 2022. This was driven
mainly by solid growth in revenues compared to the corresponding period of the previous year.
• Revenues: Revenues increased by 45% in Q1 2023 to AED 2.0 billion versus AED 1.4 billion in Q1 2022, primarily
driven by growth in funded income mainly due to the impact of higher rates and strong finance growth.
• Funded income rose 81% to reach AED 1.4 billion with 21% growth in average earning assets thereby increasing
the net profit margin to 4.35% as compared to 2.92% in Q1 2022, despite an increase in the cost of funding. ADIB
preserves one of the highest margins in the market, supported by one of the lowest cost of funds in the market.
• Non-funded income decreased slightly by 1% to AED 611 million for Q1 2023 as a result of 16% decline in
investment income.
• Fees and commissions income was up 4% YoY driven by card related fees and income from trade finance.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 6• Overall revenues were supported by growth in new customers of approximately 46,000 during the first quarter
of 2023, evidencing ADIB’s long-term commitment to its customers and continuous efforts to deliver superior
customer service.
• Strategic and transformation investments and volume-related expenses resulted in the increase of 26% in
operating expenses to AED 726 million compared to Q1 2022 that was partially offset by the benefit of
productivity savings. Despite this, there was an overall improvement in the cost-to-income ratio of 5.3 percentage
points to 35.7%.
• The net impairment charge for the quarter increased by 29% to AED 146 million, however, the cost of risk saw a
decline of 15 basis points to 0.29%. This reflected overall improvements in the micro and macro-economic
environment and was achieved while improving the provision coverage of non-performing financing (including
collaterals) by 7.6 percentage points to 128.7%.
Balance Sheet
AED (mn) Q1 2023 Q1 2022 Δ%
Cash and balances with central banks 26,586 17,432 +53%
Due from financial institutions 7,198 4,457 +62%
Customer financing, net 107,274 90,224 +19%
Investments 20,954 17,139 +22%
Investment in associates 792 1,593 -50%
Investment and development properties 1,988 1,999 -1%
Other assets 7,355 5,740 +28%
Total assets 172,147 138,583 +24%
Due to financial institutions 2,938 3,619 -19%
Depositors’ accounts 141,756 110,808 +28%
Other liabilities 5,197 4,271 +22%
Total liabilities 149,891 118,699 +26%
Share capital 3,632 3,632 -
Retained earnings 7,823 6,109 +28%
Other reserves 5,198 5,378 -3%
Equity attributable to shareholders of the bank 16,654 15,119 +10%
Tier 1 sukuk 4,754 4,754 -
Non - controlling interest 847 12 +6996%
Equity attributable to equity holders of the bank 22,255 19,885 +12%
Customer financing, gross 112,886 95,198 +19%
Non-performing financing 8,710 8,355 +4%
NPA ratio 7.7% 8.8% -1.1ppts
NPA coverage ratio 70.8% 68.7% +2.1ppts
NPA coverage ratio with collaterals 128.7% 121.1% +7.6ppts
Risk weighted assets 122,840 110,085 +12%
Common Equity Tier 1 Ratio 12.5% 12.7% -11bps
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 7Tier 1 Ratio 16.4% 17.0% -56bps
Capital Adequacy Ratio 17.5% 18.1% -53bps
Financing to deposit ratio 75.7% 81.4% -5.7ppts
Advances to stable fund ratio (ASFR) 80.3% 86.6% -6.3ppts
Eligible Liquid Asset Ratio (ELAR) 19.6% 16.0% +3.6ppts
• Total assets reached AED 172.1 billion as of 31 March 2023, an increase of 24% from 31 March 2022, driven mainly
by a growth in net financing, growth in cash and balances with central banks, and growth of the investments
portfolio.
• Gross customer financing increased 19% to AED 112.9 billion from 15% growth in wholesale financing across
government and public sector enterprises, corporates and financial institutions while retail financing portfolios
grew by 11%.
• The bank’s investment portfolio increased 22% on 31 March 2023 to AED 21.0 billion.
• Customer deposits amounted to AED 142 billion as of 31 March 2023, up 28% from 31 March 2022 as CASA
deposits increased by 15% to AED 97 billion comprising 68% of total customer deposits.
• Non-performing financing totaled AED 8.7 billion as of 31 March 2023 compared to AED 8.4 billion as of 31 March
2022 while the non-performing financing ratio improved to 7.7% versus 8.8% as of 31 March 2022.
• ADIB continued to maintain a healthy liquidity position with an advances to stable funding ratio at 80.3%
compared with 86.6% on 31 March 2022, while the eligible liquid asset ratio was 19.6% as of 31 March 2023
versus 16.0% at 31 March 2022.
• The bank further maintained a robust capital position with the Common Equity Tier 1 ratio at 12.55%, a tier 1
ratio of 16.42% and capital adequacy ratio of 17.54% as of 31 March 2023, exceeding regulatory requirements
prescribed by the UAE Central Bank.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 8Segmental Performance Review
Retail Banking Group
Income statement
AED (mn) Q1 2023 Q1 2022 Δ%
Funded income 995 630 +58%
Non-funded income 138 160 -13%
Total operating income 1,134 789 +44%
Operating expenses excluding impairments (497) (453) +10%
Impairment charge (42) (6) +606%
Profit before zakat and tax 595 331 +80%
Tax and Zakat - - -
Profit after zakat and tax 595 331 +80%
Cost to income ratio 43.8% 57.4% -13.6ppts
Cost of risk 0.29% 0.05% +25bps
Balance Sheet
AED (mn) Mar 2023 Mar 2022 Δ%
Financing, gross 55,081 49,814 +11%
Depositors’ accounts 86,496 77,385 +12%
• ADIB’s Retail Banking Group (‘Retail Banking’), is the leading bank for UAE nationals and a critical growth engine
for ADIB. Retail Banking delivered a strong performance, generating AED 595 million of net profit in Q1 2023, an
80% increase over the corresponding period last year.
• In addition, Retail Banking continued strengthening their customer propositions and improving channel
productivity, resulting in improved sales momentum for cards and 11% growth in gross financing to AED 55.1
billion as of 31 March 2023.
• Based on encouraging financing growth, revenue for Retail Banking increased 44% to AED 1.1 billion, on the back
of growth in funded income.
• Operating expenses in Q1 2023 grew slightly, reflecting the inflationary trend, while the Bank undertook cost
optimisation initiatives, and continued focus on process simplification and automation to improve efficiency and
deliver better customer experiences.
• The strategic focus on delivering excellent customer experience enabled Retail Banking to expand its customer
base by approximately 46,000 customers in the first quarter of 2023.
• Deposits also grew by 12%. This is a testament to the Bank’s strong UAE national and Emirati-focused strategy,
which is at the core of the Retail Banking business. This was driven by CASA growth of 15%.
• Customer financing grew 11% to AED 55.1 billion led by growth in personal finance, home finance and auto
finance.
• On digital, the Bank continued to introduce industry-leading digital capabilities, redesign the client experience,
and enabled its customers to bank anytime, anywhere, on their preferred channels. The provision of the new
digital remote sales platform allowed customers to interact remotely, driving significant sales across consumer
finance products. Over 57% of new accounts are opened through digital channels.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 9Wholesale Banking Group
Income statement
AED (mn) Q1 2023 Q1 2022 Δ%
Funded income 228 145 +57%
Non-funded income 71 77 -8%
Total operating income 299 222 +35%
Operating expenses excluding impairments (69) (68) +1%
Impairment charge (60) (90) -33%
Profit before zakat and tax 170 64 +164%
Tax and Zakat (2) (2) -19%
Profit after zakat and tax 168 62 +171%
Cost to income ratio 23.0% 30.5% -7.6ppts
Cost of risk 0.49% 0.95% -46bps
Balance Sheet
AED (mn) Mar 2023 Mar 2022 Δ%
Financing, gross 43,624 38,004 +15%
Depositors’ accounts 27,261 21,878 +25%
• The Wholesale Banking Group (‘WBG’) saw an increase in net profit of 171% driven by higher volume and the
benefit of rising rates.
• Total operating income grew 35% reflecting an economic rebound and improvements in funded income.
• Gross customer financing grew by 15% to AED 43.6 billion, as a result of a rebound in economic activity and
market sentiment, as well as strong momentum in deal execution. This was driven by demand from existing large
corporates as well as new to bank clients.
• The Global Transaction Banking (GTB) team continued to make progress on its transformation journey, offering
digitally enabled and innovative solutions to clients.
• WBG’s impairment charge for the quarter amounted to AED 60 million, a 33% decrease relative to the first quarter
of 2022.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 10Treasury
Income statement
AED (mn) Q1 2023 Q1 2022 Δ%
Funded income (202) (49) -312%
Non-funded income 283 253 +12%
Total operating income 81 204 -60%
Operating expenses excluding impairments (11) (10) +9%
Impairment charge (33) (6) +504%
Profit before zakat and tax 36 188 -81%
Tax and Zakat - - -
Profit after zakat and tax 36 188 -81%
Cost to income ratio 13.6% 4.9% +8.7ppts
Investment Yield 3.54% 3.75% -21bps
Balance Sheet
AED (mn) Mar 2023 Mar 2022 Δ%
Investments 20,954 17,139 +22%
Depositors’ accounts 1,783 2,684 -34%
ADIB’s Treasury department saw a decline of 81% in net profit to AED 36 million during the first quarter of 2023 due to a
reduction in the revenue for the period by 60% to AED 81 million. This was primarily due to adverse market conditions,
partially offset by fee income generation from customers’ activities.
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 11Strategy and Outlook
Strategy
ADIB strategy defined the bank’s renewed purpose of becoming a lifelong partner for our clients, community, and
colleagues. Furthermore, ADIB’s vision was revamped to be the world’s most innovative Islamic bank.
The bank has delivered the below strategic initiatives under the 4 strategic pillars:
Continuous Innovation
ADIB launched various products that enabled a growth in market share:
• Yusr for salary advance allows customers to avail their pay cheque in advance instantly with a Murabaha
structure-based fee. The new feature can be accessed through the mobile banking app and branches across the
UAE. ‘Yusr’ is designed to help existing ADIB salary transfer customers, both UAE Nationals and expatriates, to
manage their financials and fulfil their short-term funding needs. This product aims to provide convenience and
assist customers to access up to 50% of their salaries.
• New finance plan to support SME: ADIB unveiled a new offering ‘Small Business Finance (SBF)’ that is aimed at
small and medium-sized businesses (SMEs) in the UAE. The new product offers a complete financial solution for
up to AED 1.5 million to support the short and long term goals of SMEs. ADIB’s SBF is designed to offer a bespoke
financial solution for small and medium businesses in the UAE catering to their business objectives.
Segment Focused
ADIB continued to build on its existing strength in the Emirati retail segment while attracting and developing new business
segments where the bank can grow profitably. In this respect, ADIB launched propositions that support Emirati customers
across all financial stages in their lives.
• ‘Amwali’ by ADIB registered more than 10,700 accounts opening with 74% of customers being Emiratis, with
a ratio of 61% male, 39% female
• ADIB onboarded new to bank customers in the corporate and commercial segment with 15% growth in
customer financing in WBG
• ADIB expanded beyond UAE by capitalising on Selected GREs in GCC markets
• ADIB welcomed 46000 customers out of which 15000 UAE nationals
Digital Excellence
Digital remains at the heart of the 2025 strategy and the bank strives to become a digital-first financial institution. The
number of digitally active customers has increased steadily over the past year. Currently, the bank has 76% of its customers
digitally active.
Additional highlights of ADIB’s progress on digitalization and innovation include the following:
• ADIB’s mobile app was top-ranked in the UAE App store
• ADIB had 76% digital usage
• 57% of new to bank customers open their account using the app
• Digital finance applications increased with 40% of personal finance applications taking place digitally
• New features were added to the Mobile app to help increase customer usage and adoption – these
include IPO subscription, push notification, Consumer Protection Rights and additional security features
for transfers. These enhancements helped maintain overall Consumer Bank NPS (net promoter score) at
60%
Sustainable future
• ADIB is a regional sustainability leader (MSCI ESG rating of ‘A’), and a constituent of MSCI ESG Leaders index
• ADIB finalized its sustainability and ESG frameworks and will be announcing its Group sustainability strategy and
roadmap
• ADIB continued to play a crucial role in helping to deliver the region’s sustainable finance agenda facilitating
around USD 2 billion worth of sustainable projects
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 12• ADIB leads the way in Emiratisation by significantly investing in upskilling, reskilling, and developing Emiratis
through international training and development programs
Outlook
The outlook for the GCC remains positive despite ongoing concerns over a global economic slowdown. Higher oil prices
have pushed GCC budgets into surplus with expectation for the UAE GDP to grow by 3% in 2023. Liquidity in the UAE
remains strong, with higher oil prices expected in the rest of 2023 which will help in deposit inflows.
Awards list (as of Q1 2023)
Awards Categories
EMEA Finance Best Islamic Bank in the UAE
Q1 2023 MEED Best Islamic Bank in the UAE
Global Finance Best Islamic Bank in the UAE
Global Finance Best Bank for ESG, Global
---ENDS---
About ADIB:
ADIB is a leading bank in the UAE with more than AED 172 billion in assets. The bank also offers world-class online, mobile and phone
banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate,
business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu
Dhabi Securities Exchange (ADX).
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan,
Qatar and Iraq.
Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including
introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and
a wide range of financing products.
ADIB Investor relations Mobile application
Please download the ADIB Investor relations dedicated mobile app available on both Apple and Google play stores. The application
will keep you up to date with the latest developments - from latest share prices and press releases to investor days, financial results
and our document library. You can view stock exchange announcements, presentations, annual and quarterly reports, and interact
with key data onscreen.
For media information, please visit www.adib.ae or contact:
Lamia Hariz
Head of Corporate Communications and Investor relations
Email: lamia.hariz@adib.com
MANAGEMENT DISCUSSION & ANALYSIS REPORT – Q1 2023 13

Sentiment: positive