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AADDCCADCB reports nine-month net profit of
AED 5.752 bn, up 24%, and Q3’23 net profit
of AED 1.942 bn, up 22%
Abu Dhabi, 25 October 2023 – Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”)
today reported its financial results for the third quarter of 2023 (“Q3’23”).
Record quarterly net profit driven by solid momentum in loan growth and increased net
interest margin. The UAE economy remains resilient with strong long-term fundamentals
and ADCB is well-positioned to benefit from robust consumer and business confidence.
Selected financial metrics for Q3’23
1.942 bn 13.3% 2.87%
Net profit (AED) Return on average Net interest margin
tangible equity
13.46% 130.4% 73 bps
CET1 ratio Liquidity coverage ratio Cost of risk
Key highlights – Q3’23 Key highlights – 9M’23 vs. 9M’22
• Net profit of AED 1.942 bn was steady QoQ • Net profit of AED 5.752 bn increased 24%
and increased 22% YoY
• Net interest income of AED 8.961 bn increased 23%
• Net interest income of AED 3.179 bn increased
8% QoQ and 24% YoY • Non-interest income of AED 3.244 bn increased 22%
• Non-interest income of AED 1.054 bn declined • Operating income of AED 12.205 bn increased 23%
7% QoQ and rose 11% YoY
• Cost to income ratio improved 360 basis points
• Operating income of AED 4.233 bn increased YoY to 32.5%
4% QoQ and 21% YoY
• Operating profit before impairment charge
• Cost to income ratio improved 210 basis points of AED 8.243 bn increased 30%
YoY to 33.3%
• Operating profit before impairment charge of
AED 2.822 bn increased 3% QoQ and 24% YoY
Third quarter 2023 Earnings press release 2Strong net loan growth of 10% in 9M’23, and significant growth in CASA deposits,
up AED 6.8 bn sequentially
• Total assets of AED 537 bn increased 10% from • Capital adequacy and CET1 ratios were 16.16%
Sep’22 and were up 8% YTD and 13.46% respectively as at 30 September 2023
• Net loans of AED 284 bn were 13% higher from • Liquidity coverage ratio (LCR) of 130.4%
Sep’22 and up 10% YTD. New credit extended
totalled AED 52 bn in the first nine months of • Cost of risk was 73 bps for Q3’23 and for 9M’23,
the year remaining within our guidance, while NPL ratio
improved to 4.82% (5.36% including POCI)
• Total customer deposits of AED 329 bn were from 5.10% in Jun’23. Provision coverage ratio
9% higher from Sep’22 and up 7% YTD. CASA was 91.4% and, when including collateral,
(Current Account and Savings Account) deposits was 148% as at 30 September 2023
were AED 157 bn at September-end, up 4.5%
(AED 6.8 bn) in the quarter, and comprised
48% of total customer deposits
Net loans Customer deposits
(AED bn) (AED bn)
+10% +7%
329
309
284
258
Dec’22 Sep’23 Dec’22 Sep’23
Third quarter 2023 Earnings press release 3ALA’A ERAIQAT
Group Chief Executive Officer
“
ADCB is delivering notable growth this year, supported by detailed learning and development
with all our major businesses performing effectively on programmes, with over 800 UAE nationals being
our corporate strategy. Nine-month net profit increased promoted this year.
24% to AED 5.752 billion, with a strong return
on average tangible equity of 14.3%. In this ‘Year of Sustainability’ in the UAE, which
is hosting the COP28 global climate conference,
In our core market, the UAE, the economy has ADCB is moving forward with a number of initiatives
remained resilient in the face of global headwinds. to support the country’s vision for an inclusive,
ADCB is leveraging its strong franchise and digital net zero economy.
proposition to serve a growing customer base amid
robust consumer and business confidence. Looking Through the issuance of a second green bond in
into 2024, we remain confident in the country's September, we continue to channel global capital
fundamentals and continued investment in its into clean energy and sustainable projects in the UAE.
economic diversification strategy. In parallel, our businesses are making advancements
on product innovation and engagement, continuing
In this context, the Bank has extended AED 52 billion to align our substantial financing capabilities with the
of new credit year to date, helping to drive substantial social and environmental priorities of our customers.
net loan growth of 10% in the period.
While climate change is the major global challenge
Building on its recently rebranded proposition, of our age, we are inspired by the UAE’s ambition
the Corporate and Investment Banking Group has for meaningful transformation. We see investment
experienced strong credit demand across diverse and participation in the emerging green economy as
sectors, particularly GREs, energy, trading and financial a major opportunity, and ADCB will work closely with
institutions. The business is committed to serving our communities, customers and other stakeholders
the mid-size corporate and SME segment, with over to support the country’s agenda.”
1,400 new clients onboarded in the third quarter.
New retail credit was 43% higher year on year in
the third quarter, with disbursement of new personal
loans at its highest ever level, and strong demand also
experienced for mortgages and auto loans. The Retail 40%
Banking Group set a fresh quarterly record of 167,000
new customers(1), with over 80% welcomed to the Emirati representation
Bank through digital channels. Furthermore, the card across the ADCB Group
business also reported its best ever quarter, with over
67,000 new primary cards issued.
Meanwhile, ADCB Private has rapidly become a leader
in private banking in the UAE, expanding its customer 200+
base by a third this year.
UAE nationals have joined
As our business expands, we are investing further the ADCB Group in 9M’23
in the Bank’s capabilities and people.
ADCB continues to make a substantial contribution
to the UAE’s progressive Emiratisation agenda and
UAE nationals now represent 40% of the Group’s
employee base. We welcomed over 200 new Emirati
colleagues in the first nine months of 2023, including
into senior positions in core business areas, as well as
digital partnerships, compliance, finance, sustainability,
credit risk and liquidity management. It is rewarding
to see high performers achieving career progression,
(1) ADCB Group’s UAE operations, including Al Hilal Bank
Third quarter 2023 Earnings press release 4DEEPAK KHULLAR
Group Chief Financial Officer
“
We are pleased to report a strong third-quarter This year, ADCB has made strong progress across
operating and financial performance, with net profit all aspects of sustainability, with a particular focus
increasing 22% year on year to AED 1.942 billion. on advancing our climate strategy.
This was driven by accelerated expansion in net Green bonds have become an integral part of our
interest income, which was up 8% sequentially funding strategy, and our second issuance received
and 24% year on year, powered by significant and strong demand from regional and global investors in
broad-based loan growth in a rising rate environment. September. The Bank is implementing best practice
Net interest margin has increased progressively over disclosure in this area, with our inaugural Green Bond
the last twelve months and was up 14 basis points Report providing detailed information on the allocation
quarter on quarter. and impact of our Eligible Green Loan portfolio.
Credit conditions for both corporate and retail banking To support the UAE’s Net Zero by 2050 Strategic
have been positive, and ADCB’s net loan growth Initiative, ADCB is finalising an enhanced climate
year to date of 10% has surpassed our medium-term framework. Having completed a baseline assessment
guidance of mid-single digit growth. of financed emissions, we are now prepared to
make clear and credible commitments on climate.
The Bank continues to expand its loan book, and Our immediate priority is to develop a suite of green
enhance the diversification and risk profile of the products to support our customers in their transition
portfolio. Lending to GREs has increased to 24% journey.
from 23% at the end of 2022, while exposure to real
estate investment has decreased to 19% from 22%. Across all fronts, the Bank is operating at an
accelerated pace and continuing to strengthen its
Our efficiency metrics continued to improve even as financial position. We are delivering on all guidance
the Bank invested further in the growth of the business. metrics, from loan growth, to efficiency and cost
The cost to income ratio for the first nine months of risk. This is creating substantial shareholder value
of 2023 declined by 360 basis points year on year and enhancing long-term organisational resilience.”
to 32.5%, in line with medium-term guidance.
Amid rising benchmark rates, the Bank has managed
cost of funds effectively. Our strong franchise has
supported a AED 6.8 billion rise in CASA deposits
during the third quarter. We have also launched AED 6.8 bn
sustainable CASA deposits for corporate clients
as part of the Bank’s broader ESG agenda. Sequential increase in CASA deposits
in Q3’23
Updated guidance for full year 2023 amid
strong performance
Given the Bank's strong performance, we are AED 52 bn
updating our guidance on certain key metrics.
We expect return on average tangible equity in New credit extended
the range of 14% to 15%, driven by net loan growth in 9M’23
of between 10% to 12%, and net interest margin
of approximately 2.80%. The Bank is also targeting
a 50% cash dividend payout on this year’s earnings,
supported by its robust capital position.
Third quarter 2023 Earnings press release 5Q3/9M 2023 Management discussion & analysis
Q3/9M 2023 financial highlights
Income statement highlights (AED mn) 9M’23 9M’22 ∆YoY% Q3’23 Q2’23 Q3’22 ∆QoQ% ∆YoY%
Total net interest and Islamic financing income 8,961 7,276 23 3,179 2,930 2,558 8 24
Non-interest income 3,244 2,665 22 1,054 1,129 952 (7) 11
Operating income 12,205 9,941 23 4,233 4,059 3,510 4 21
Operating expenses (3,962) (3,586) 10 (1,412) (1,319) (1,241) 7 14
Operating profit before impairment charge 8,243 6,355 30 2,822 2,740 2,269 3 24
Impairment charge (2,315) (1,586) 46 (819) (748) (636) 10 29
Net profit for the period(1) 5,752 4,650 24 1,942 1,932 1,591 0.5 22
Balance sheet highlights (AED mn) Sep'23 Sep’22 ∆YoY% Sep’23 Jun’23 Dec’22 ∆QoQ% ∆YTD%
Total assets 536,889 486,365 10 536,889 521,301 497,842 3 8
Net loans and advances 284,257 251,202 13 284,257 271,960 258,493 5 10
Deposits from customers 329,276 302,262 9 329,276 315,908 308,931 4 7
∆YoY ∆QoQ ∆YoY
Key metrics (%) 9M’23 9M’22 bps Q3’23 Q2’23 Q3’22 bps bps
CAR (Capital adequacy ratio – Basel III) 16.16 15.44 72 16.16 16.11 15.44 5 72
CET1 (Common equity tier 1) ratio 13.46 12.60 86 13.46 13.39 12.60 7 86
Liquidity coverage ratio (LCR) 130.4 124.5 590 130.4 130.4 124.5 0 590
Loan to deposit ratio 86.3 83.1 320 86.3 86.1 83.1 20 320
CASA/total customer deposits 48 53 (500) 48 48 53 0 (500)
Non-performing loan (NPL) ratio 4.82 5.46 (64) 4.82 5.10 5.46 (28) (64)
Provision coverage ratio(2) 91.4 87.0 440 91.4 98.5 87.0 (710) 440
NPL ratio including POCI(3) 5.36 6.48 (112) 5.36 5.68 6.48 (32) (112)
Cost of risk (COR)(4) 0.73 0.60 13 0.73 0.71 0.73 2 0
Cost to income ratio 32.5 36.1 (360) 33.3 32.5 35.4 80 (210)
Net interest margin (NIM)(5) 2.79 2.44 35 2.87 2.73 2.46 14 41
Risk adjusted NIM(5) 2.05 1.88 17 2.17 2.06 1.79 11 38
Return on average tangible equity (ROATE) 14.3 13.0 130 13.3 15.6 13.1 (230) 20
Note: Figures may not add up due to rounding differences
(1) After share in profit of associates, overseas income tax charge, and profit/loss from discontinued operations
(2) Provisions on loans and advances, including fair value adjustments
(3) POCI: Purchased or originated credit-impaired financial assets
(4) COR: Net impairment charge on loans and investments divided by net average loans & advances and investments
(5) Q2’23, Q3’23 and 9M’23 NIM, risk adjusted NIM and yield exclude ‘Financial assets at fair value through profit or loss’ and ‘Loans and advances to customers at fair value
through profit or loss’ from interest earning assets
Third quarter 2023 Management discussion & analysis 6Updated guidance for full year 2023 amid strong performance
Given the Bank's strong Return on average tangible equity 14 – 15%
performance, we are updating
Net loan growth 10 – 12%
our guidance on certain
key metrics Net interest margin c. 2.80%
Dividend payout ratio – Cash 50% of net profit
Record 9M’23 net profit driven by strong loan growth and broad-based increase in
revenue streams
• Net interest income of AED 3.179 billion for Q3’23 • Cost to income ratio was 32.5% in 9M’23, 360
increased 24% YoY and 8% sequentially supported bps lower YoY, supported by a 23% increase in
by higher volumes and rising benchmark rates. operating income. Cost to income ratio was 33.3%
Net interest margin (NIM) for the quarter was 2.87%, in Q3’23, an improvement of 210 bps YoY and
up 41 basis points (bps) YoY and 14 bps sequentially, 80 bps higher sequentially. Operating expenses
while risk-adjusted NIM(1) increased 38 bps YoY to in Q3’23 were 14% higher YoY and up 7%
2.17%. 9M’23 net interest income was AED 8.961 sequentially at AED 1.412 billion mainly due to
billion, up 23% YoY, with NIM rising 35 bps to 2.79% investment in the growth of the business, including
and risk-adjusted NIM(1) increasing 17 bps to 2.05%. digital technology, people and sales incentives.
• Cost of funds in Q3’23 rose to 4.01% from 3.73% • Net impairment charge of AED 819 million in Q3’23
the previous quarter and 1.87% a year earlier. was 10% higher on a sequential basis primarily on
Cost of funds in 9M’23 was 3.71%, 249 bps higher account of lower recoveries. For the nine-month
YoY, which compared favourably to increases of period, impairment charge was higher due to
346 bps in three-month average EIBOR and 383 bps provisioning on a few corporate accounts.
in three-month average LIBOR/SOFR(2), reflecting
effective management of the Bank's funding mix. • Net profit in Q3’23 increased 22% YoY and 0.5%
sequentially to AED 1.942 billion, and was up 24%
• Non-interest income in Q3’23 was 11% higher YoY at AED 5.752 billion in 9M’23. Return on average
and 7% lower sequentially to AED 1.054 billion. tangible equity was 13.3% for Q3’23 and 14.3%
Net fees and commission income of AED 611 million for 9M’23.
in Q3’23 increased 22% YoY mainly driven by
higher card and loan related fees as well as trade
finance commission. The 16% sequential decline
in net fees was largely due to receipt of significant Diversified growth by business streams
volume related incentive fees in the previous quarter
9M’23 operating income (AED mn)
pertaining to a card network partnership. Net trading
income was AED 356 million in Q3’23, up 27% YoY.
Sequentially, it was 7% lower due to lower gains
Treasury and Retail
from derivatives.
Investments Banking
3,276 3,583
• 9M’23 non-interest income was AED 3.244 billion, (+39% YoY) (+16% YoY)
up 22% YoY, and represented 27% of total operating AED 12,205 mn
income. Net fees and commission income of Private Banking
960
AED 1.867 billion was up 25% YoY, partially driven
(+6% YoY)
by a 30% increase in gross card-related fees, a 20%
rise in gross loan processing fees, and a 31% rise Corporate and Property
in gross accounts-related fees. 9M’23 net trading Investment Banking Management
4,168 218
income was up 82% to AED 1.195 billion mainly
(+24% YoY) (-12% YoY)
on account of gains on financial assets at fair value
through profit or loss (FVTPL) as well as gains
on derivatives and foreign exchange.
(1) Risk adjusted NIM: Net interest income less impairment charge on loans and advances to customers, banks, and investments securities divided by
average interest earning assets
(2) Includes credit adjustment spread (CAS), which is the adjustment between LIBOR and risk free rate to reduce/eliminate the economic value transfer between
the lender and the borrower when the index changes from LIBOR to the replacement risk free rate
Third quarter 2023 Management discussion & analysis 7New credit of AED 52 billion extended in 9M’23 to diverse economic sectors and retail
customers
• The Group’s balance sheet remains strong, with at fair value through other comprehensive income
total assets of AED 537 billion as at 30 September (FVTOCI) and mark to market on a daily basis.
2023, up 8% YTD and 10% YoY. The Bank was a net lender of AED 10 billion
in the interbank markets as at September-end.
• The Bank’s lending pipeline remains robust, with
net loans and advances increasing 10% YTD and • Total customer deposits rose 7% YTD and
13% YoY to AED 284 billion as at September-end. 9% YoY to AED 329 billion at September-end.
Floating interest rate loans represented 75% of Despite a rising interest rate environment,
total loans. the Bank attracted AED 6.8 billion in CASA
deposits in Q3’23, bringing the total to AED 157
• ADCB extended AED 52 billion in new credit billion, while time deposits were up 4% sequentially
in 9M’23 to diverse economic sectors, including to AED 172 billion. CASA deposits were well
GREs, trading, energy and financial institutions, balanced across the business, with Corporate
as well as to retail customers (as highlighted in and Investment Banking accounting for 52%,
the table below). Furthermore, the card business Retail and Private Banking representing 48%(3).
also reported its best ever quarter, with over CASA accounted for 48% of total customer
67,000 new primary cards issued. deposits as at September-end.
% Increase in acquisitions % Increase in portfolio balance
Retail Banking Group (Q3’23 vs Q3’22) (Sep’23 vs Dec’22)
Personal loans 57%(1) 11%
Mortgage loans 23%(1) 20%
Auto loans 36%(1) 26%
Credit cards 87%(2) 11%
• The Bank received AED 32 billion in repayments • The average loan balance (net) was AED 260 billion,
during the period. Exposure to the real estate and the average deposit balance was AED 311
sector decreased to 19% from 22% in Dec’22, billion in 9M’23.
while lending to GREs increased to 24% from 23%.
Loans outside of the UAE comprised 19% of the • Total shareholders’ equity stood at AED 65 billion
portfolio as at September-end, up from 17% at as at 30 September 2023, compared to AED 61
year-end, mainly driven by growth in lending to billion at December-end.
corporates in the energy and trading sectors as
well as financial institutions. • The Bank remains well-capitalised with capital
adequacy (Basel III) and CET1 ratios of 16.16%
• Investment securities were AED 122 billion and 13.46% respectively as at 30 September 2023,
at September-end, up 9% YTD and 12% YoY, versus 15.77% and 12.96% at December-end.
with 67% accounted for at amortised cost and 33%
Q3’23 and 9M’23 cost of risk at 73 bps, remaining within medium-term guidance
• Q3’23 cost of risk of 73 bps was steady YoY and • The provision coverage ratio was 91.4%, compared
QoQ and remained within medium-term guidance to 93.0% at December-end, and including collateral
of 80 bps. For 9M’23, cost of risk increased to held, the ratio was 148% compared to 144% at
73 bps from 60 bps a year earlier when significant December-end.
releases were recorded in Q1’22.
• ADCB’s liquidity position remained robust, with
• The NPL ratio was 4.82% down from 5.25% at a liquidity coverage ratio of 130.4%, a liquidity ratio
December-end. Including POCI (purchased or of 32.0% and a loan to deposit ratio of 86.3% as
originated credit-impaired) assets, the NPL ratio at 30 September 2023.
was 5.36%, compared to 6.07% at December-end.
(1) Personal, mortgage and auto loans refer to disbursals
(2) Credit cards reflect the volume of cards issued
(3) Figures may not add up due to rounding differences
Third quarter 2023 Management discussion & analysis 8Digital continues to enable customer growth, with c.167,000 new accounts(1) opened in Q3’23
• ADCB Group’s UAE operations, including Al Hilal • The Bank continues to enhance its third-party
Bank, welcomed c.167,000 new retail customers digital partnerships. In collaboration with Talabat,
in Q3’23, with 81% onboarded digitally. ADCB’s the region’s leading food delivery platform, a new
onboarding app, Hayyak, welcomed a record of digital onboarding journey was introduced that
over 102,000 new customers during the quarter. allows customers to conveniently apply for an
‘ADCB Talabat Credit Card’ on the Talabat app.
• Digital engagement continued to accelerate,
with ADCB’s mobile banking subscribers growing • ADCB also launched self-service credit card
by a record 114,000 customers in the quarter(2). applications on its mobile app and website, with
The number of digital banking subscribers straight-through processing enabling customers
(internet and mobile banking) were up 33% to receive operational digital credit cards within
YoY, with active users up 39% YoY, and 88% 15 minutes.
of customers registered for digital banking(2).
• ADCB implemented over 40 digital releases
• Self-service transactions continued to increase, in 9M’23. The Bank launched an automated
with approximately 49 million retail transactions trade license renewal process using blockchain
conducted electronically in Q3’23, up 39% YoY, technology, introduced a new supply chain and
while mobile fund transfer transactions were virtual accounts solution for corporate customers,
up 63% YoY. Self-service retail transactions and simplified the customer journey on the ProCash
represented 97% of all customer transactions mobile app.
in the quarter.
• Transactions on the ProCash and ProTrade
corporate banking digital platforms accounted
for 97% of all cash management transactions
and 62% of trade finance transactions, respectively.
Strong progress on ESG agenda, with second green bond issued and significant expansion
of green loan portfolio
• The Bank successfully issued a USD 650 million in the process of finalising an enhanced climate
green bond in September to support further strategy developed in line with industry best-
investment in renewable and sustainable projects, practice, underpinned by key initiatives to ensure
supporting the UAE’s transition to a net zero a credible framework. This will include the launch
economy. This second green bond issuance, of multiple new products and services to enhance
conceived in line with ADCB’s green bond the Bank’s sustainable/green finance proposition
framework and broader climate strategy, was to support our customers in their transition journey.
2.9x oversubscribed.
• ADCB has completed a baseline assessment
• ADCB published its inaugural Green Bond of scope 3 financed emissions in accordance
Report, which details the allocation and impact with Partnership for Carbon Accounting Financials
of the Bank’s Eligible Green Loan Portfolio (PCAF) standards. The assessment concluded
(EGLP). As of 30 June 2023, ADCB’s EGLP that more than 80% of the Bank’s financed
had experienced notable year-on-year growth emissions was related to the real estate,
of 61%, reaching USD 1.65 billion, with a substantial oil & gas, and aviation sectors.
impact of 119 tonnes of CO emissions avoided
2
per AED 1 million invested. • Over 2,000 learning hours have been cumulatively
delivered on core learning initiatives to embed
• As part of ADCB’s ambition to support the UAE’s ESG awareness among employees at the Bank.
Net Zero by 2050 Strategic Initiative, the Bank is
(1) ADCB Group’s UAE operations, including Al Hilal Bank
(2) ADCB UAE operations only, excluding Al Hilal Bank
Third quarter 2023 Management discussion & analysis 9Strong progress on key priority of Emiratisation, with ADCB creating highly skilled career
opportunities and recruiting UAE nationals to senior positions across the Bank
• ADCB regards continuous development and including Head of Islamic Banking and Head of UAE
career progression of Emirati talent as an important Branches amongst others. More than 325 Emiratis
element of the Bank’s growth and sustainability now hold middle and senior management positions,
agenda, aligned with national priorities. and 98% of branch managers are UAE nationals.
• In the first nine months of 2023, the Bank recruited • The Bank now employs 2,100 Emiratis, representing
over 200 UAE nationals. Emiratis have taken key 40% of the Group’s employee base, and female
roles in senior positions across core businesses, representation stands at 80% of total Emirati
as well as in areas such as digital partnerships, employees.
compliance, finance, human resources,
sustainability, credit risk and liquidity management. • ADCB is committed to providing best-in-class
training and career opportunities to all Emirati
• A central objective is to build on ADCB’s strong employees, and 298 UAE nationals have advanced
track record in Emirati leadership, providing through a dedicated accelerator programme.
a clear pathway for UAE national talent to accede The Bank’s approach is attracting high-calibre
to senior positions. Over 800 UAE nationals were graduates and resulting in high retention rates,
promoted this year, and recent promotions elevated with 47% of Emiratis counting ADCB as their
Emiratis to positions of significant responsibility, first employer.
Accelerated digital transformation at ADCB Egypt with launch of first digital branch
• ADCB Egypt delivered a strong financial performance Net profit(1) for Q3’23 increased 323% YoY to
despite a backdrop of macro-economic challenges. EGP 401 million, with a return on equity of 21.2%
• The Bank continued to drive digital transformation, Net profit(1) for 9M’23 increased 136% YoY to
successfully launching its first digital branch. EGP 1.2 billion, with a return on equity of 21.9%
In Q3’23, subscribers to digital banking platforms
Net loans increased 9.7% during 9M’23 to
were 48% higher YoY, with digital transactions
EGP 32.7 billion as at 30 September 2023
up 273%.
Total deposits increased 0.3% during 9M’23
to EGP 75.6 billion as at 30 September 2023
Al Hilal super app attracted 33,000+ new banking customers in Q3’23 supported by
enhanced offerings and features
• Since its launch in February 2022, Al Hilal • Al Hilal Bank continued to increase the app’s
Bank’s cloud-based super app featuring a virtual features and offerings in Q3’23 to enhance the
marketplace has acquired approximately 590,000 customer experience. The app launched a feature
registered users and momentum continues to grow, offering bookings at 400,000+ hotels using
with 80,000 joining the platform in Q3’23. Over touchpoints and credit cards and also introduced
33,000 new banking customers were onboarded the use of Emirates Face Recognition
by the app during the quarter, bringing the total authentication when adding beneficiaries.
to c.223,000.
• Through the app, Al Hilal Bank is extending its
• In Q3’23, an average of c.8,800 daily transactions reach beyond its core Abu Dhabi market. Abu
(App only transactions, i.e. excludes ATM Dhabi residents account for 43% of banking
transactions) were conducted, with an average customers, while Dubai and the Northern
engagement time of c.19 minutes per visit to Emirates represent 32% and 25%, respectively.
the app.
• The super app builds on a track record of
increasing digital engagement, with active users
of Al Hilal’s digital platforms in Q3’23 up 78% YoY.
(1) Based on IFRS
Third quarter 2023 Management discussion & analysis 10ADCB 9M’23 awards and recognition ADCB Egypt 9M’23 awards and recognition
Business Continuity Awards 2023 World Business Outlook
• Global Award Category • Best New Bank Egypt 2023
• Fastest Growing Retail Bank Egypt 2023
• Fastest Growing Corporate Bank Egypt 2023
• Fastest Growing Bank Egypt 2023
Recognition by the UAE Federal Government
through the Majra (National CSR Fund) • Best Digital Banking Services Provider Egypt 2023
• Impact Seal – Platinum Tier
International Business Magazine
The Digital Banker – Digital CX Awards 2023 • Best New Bank Egypt 2023
• Outstanding Digital CX – Cash Management Platform • Most Innovative Digital Bank 2023
• Outstanding Digital CX – Trade Finance Initiative • Best Internet Banking Egypt 2023
The Digital Banker Award – Middle East International Finance Magazine
& Africa Innovation Awards 2023
• Most Innovative New Digital Bank – Egypt 2023
• Best Bank for Cash Management • Best Financial Inclusion Package Towards People
with Disabilities – Erada – Egypt 2023
• Best Mobile App for Corporates
• Outstanding Client Onboarding & Account Opening
The Digital Banker
International Financial – International Finance • Best New Wealth Management Product of the Year
Awards 2023 • Credit Card of The Year – Egypt
• Best Corporate Customer Service Bank – UAE 2023 • Excellence in Digital innovation – Highly Acclaimed
• Best Financial Inclusion Initiative
The Asian Banker Excellence in Retail Financial
Services Awards 2023
• Best Retail Bank in Middle East
• Best Retail Bank in UAE
• UAE Domestic SME Partnership Initiative of the Year
• SME Bank of the Year in UAE
• New SME Lending Product of the Year UAE
• UAE Domestic Customer Service Initiative of
the Year – ProCash Mobile App
The International ARC Awards – Annual Report
• Interior Design – Gold
• Cover Page – Gold
• Written Content – Gold
• Print Production – Gold
• Best Annual Report – Silver
Third quarter 2023 Management discussion & analysis 11Further information on ADCB can be found
at adcb.com/ir or by contacting:
Investor Relations Corporate Communications Abu Dhabi Commercial Bank
Harsh Vardhan Majdi Abd El Muhdi Sheikh Zayed Bin Sultan Street
Email: ir@adcb.com Email: majdi.a@adcb.com PO Box: 939, Abu Dhabi
adcb.com
This document has been prepared by Abu Dhabi By their nature, these forward-looking statements involve
Commercial Bank PJSC (“ADCB”) for information risk and uncertainty because they relate to future events
purposes only. The information, statements and opinions and circumstances which are beyond ADCB’s control,
contained in this document do not constitute a public including, among others, the UAE domestic and global
offer under any applicable legislation or an offer to sell economic and business conditions, market related risks
or solicitation of an offer to buy any securities or financial such as fluctuations in interest rates and exchange rates,
instruments or any advice or recommendation with the policies and actions of regulatory and Governmental
respect to such securities or other financial instruments. authorities, the impact of competition, the timing
This document is not intended for distribution in any impact and other uncertainties of future acquisition or
jurisdiction in which such distribution would be contrary combinations within relevant industries.
to local law or reputation.
As a result, ADCB’s actual future condition, performance
The material contained in this press release is intended and results may differ materially from the plans, goals
to be general background information on ADCB and and expectations set out in ADCB’s forward-looking
its activities and does not purport to be complete. statements and persons reading this document should
It may include information derived from publicly available not place reliance on forward-looking statements.
sources that have not been independently verified. Such forward-looking statements are made only as at
No representation or warranty is made as to the the date on which such statements are made and ADCB
accuracy, completeness or reliability of the information. does not undertake to update forward-looking statements
It is not intended that this document be relied upon as contained in this document or any other forward-looking
advice to investors or potential investors, who should statement it may make.
consider seeking independent professional advice
depending on their specific investment objectives,
financial situation or particular needs.
This document may contain certain forward-looking
statements with respect to certain of ADCB’s plans
and its current goals and expectations relating to
future financial conditions, performance and results.
These statements relate to ADCB’s current view with
respect to future events and are subject to change,
certain risks, uncertainties and assumptions which are,
in many instances, beyond ADCB’s control and have
been made based upon management’s expectations
and beliefs concerning future developments and their
potential effect upon ADCB.

Sentiment: positive