Latest news with #Ala'aEraiqat
Mid East Info
23-04-2025
- Business
- Mid East Info
ADCB rated the strongest banking brand in the UAE for the 2nd consecutive year while its brand value surges 17% to AED 12.3 billion
Abu Dhabi Commercial Bank (ADCB) has seen the value of its brand surge to AED 12.3 billion, a 17% increase from the previous year, according to Brand Finance Journal's latest Top 500 Banking Brands report. As a result, ADCB has advanced seven places in the global banking brand value rankings to the 102nd position. A key driver to this growth is the bank strength score, which gauges brand investment, stakeholder equity and business performance. This score has risen to 81.5% (brand strength rating: 'AAA- ') this year, positioning ADCB as the highest rated bank in the UAE for brand strength. By outpacing the overall UAE banking sector's 16% rise in brand value and the global industry's 14% increase in brand value, ADCB has cemented its status as one of the region's most pioneering and ambitious banking brands. In the same report, Brand Finance also measures the contribution that CEOs make as 'guardians' of the value of their brands. ADCB Group CEO Ala'a Eraiqat was ranked among them top banking sector CEOs globally – 12th overall – and the 1st for banking brand guardianship in the UAE for the 3rd consecutive year. Savio D'Souza, Senior Director at Brand Finance, commented: 'ADCB's impressive rise in brand value reflects a well-executed strategy focused on innovation, customer experience, and leadership which demonstrates ADCB's position as a standout performer in an increasingly competitive global banking landscape.' ADCB remains steadfast in its commitment to setting new standards in customer experience by successfully delivering a spectrum of initiatives designed to advance the distinction and sophistication of its banking services. Anchored by an ambitious digital transformation strategy, the bank is leveraging cutting-edge tools such as artificial intelligence to unlock new possibilities for customer personalisation and tailored services. ADCB's recognition by Brand Finance is a testament to the bank's relentless pursuit of excellence and innovation at every turn.
Zawya
22-04-2025
- Business
- Zawya
ADCB rated the strongest banking brand in the UAE for the 2nd consecutive year
Abu Dhabi: Abu Dhabi Commercial Bank (ADCB) has seen the value of its brand surge to AED 12.3 billion, a 17% increase from the previous year, according to Brand Finance Journal's latest Top 500 Banking Brands report. As a result, ADCB has advanced seven places in the global banking brand value rankings to the 102nd position. A key driver to this growth is the bank strength score, which gauges brand investment, stakeholder equity and business performance. This score has risen to 81.5% (brand strength rating: 'AAA- ') this year, positioning ADCB as the highest rated bank in the UAE for brand strength. By outpacing the overall UAE banking sector's 16% rise in brand value and the global industry's 14% increase in brand value, ADCB has cemented its status as one of the region's most pioneering and ambitious banking brands. In the same report, Brand Finance also measures the contribution that CEOs make as 'guardians' of the value of their brands. ADCB Group CEO Ala'a Eraiqat was ranked among them top banking sector CEOs globally - 12th overall - and the 1st for banking brand guardianship in the UAE for the 3rd consecutive year. Savio D'Souza, Senior Director at Brand Finance, commented: "ADCB's impressive rise in brand value reflects a well-executed strategy focused on innovation, customer experience, and leadership which demonstrates ADCB's position as a standout performer in an increasingly competitive global banking landscape." ADCB remains steadfast in its commitment to setting new standards in customer experience by successfully delivering a spectrum of initiatives designed to advance the distinction and sophistication of its banking services. Anchored by an ambitious digital transformation strategy, the bank is leveraging cutting-edge tools such as artificial intelligence to unlock new possibilities for customer personalisation and tailored services. ADCB's recognition by Brand Finance is a testament to the bank's relentless pursuit of excellence and innovation at every turn.
Hi Dubai
28-01-2025
- Business
- Hi Dubai
ADCB Unveils Bold Strategy to Double Net Profit to AED20 Billion in Five Years
Abu Dhabi Commercial Bank (ADCB) has unveiled an ambitious strategy to double its net profit to AED20 billion within the next five years, targeting an annual growth rate of 20%. The announcement underscores ADCB's alignment with the UAE's economic vision, reinforcing the nation's position as a global financial leader. According to an official statement, the strategy aims to significantly increase ADCB's scale and reach while delivering an enhanced shareholder experience. Over the next five years, the bank plans to increase its dividend payouts by 50% compared to the previous five-year period, targeting a total payout of AED25 billion. ADCB is also maintaining an annual Return on Equity above 15%, backed by robust regulatory ratios and sufficient capital to drive future growth. Khaldoon Khalifa Al Mubarak, Chairman of ADCB's Board of Directors, expressed confidence in the plan, stating, 'ADCB's ambition aligns with the UAE's next phase of economic transformation. The focus on rewarding shareholders remains integral to this strategy, creating enduring value.' Group CEO Ala'a Eraiqat highlighted the bank's progress since 2020, emphasizing ADCB's adoption of digital and AI technologies to enhance customer experience, risk management, and productivity. The strategy also emphasizes empowering UAE nationals to lead the transformation of the banking sector. With a clear roadmap approved by the Board, ADCB is poised to accelerate its growth trajectory, delivering value through innovation and sustainable development. News Source: Emirates News Agency
Trade Arabia
27-01-2025
- Business
- Trade Arabia
ADCB aims to double profit to $5.45bn profit in 5 years
Abu Dhabi Commercial Bank (ADCB) has embarked on a visionary growth strategy, aiming to double net profit to AED20 billion ($5.45 billion) within five years. This move comes on the back of the bank achieving a milestone in profit before tax of more than AED10-billion, driven by strong broad-based growth as core businesses support a vibrant UAE economy. The profit before tax of AED10.585 billion ($2.88 billion) increased 26% compared to 2023 and net profit after tax was AED9.419 billion. The new strategy aligns with the UAE's progressive economic trajectory and contributes to the country's position as a leading global financial powerhouse. It charts a clear blueprint to align with the country's ambitions through a substantial increase in scale and reach. Setting out the bank's headline targets under the new strategy, Ala'a Eraiqat, ADCB Group Chief Executive Officer, said: 'ADCB has come a long way since 2020 under the stewardship of its Board. As the bank continues on this journey, and in order to match the scale of the UAE's ambition, it is expanding rapidly and setting clear and accountable objectives to create significant value for the shareholders." Through sustained high velocity of growth, ADCB aims to achieve the following targets, rewarding investors through both growth and income: • Doubling net profit to AED20 billion within the next five years, while aiming to achieve an annual growth rate of circa 20 per cent; • Increasing year-on-year paid-out dividends over the same period, whereby ADCB aims to increase its total targeted dividend payout to approximately AED25 billion over the next five-years, up 50 per cent compared to the total dividend payout in the preceding five-year period*; and • Delivering annual Return on Equity exceeding 15 per cent each year, while maintaining healthy regulatory ratios and an adequate capital position to fuel future growth. "A detailed strategy blueprint has been approved by the board, laying out a clear way forward on how to achieve this ambition. As a progressive financial institution, ADCB will accelerate deployment of digital and AI technology to elevate customer experience, enhance risk management and boost productivity while empowering UAE nationals to lead the transformation of the banking industry,' said Eraiqat. ADCB has delivered a total cumulative shareholder return of 75 per cent since 2020. For the 2024 finanical year, the board has recommended a cash dividend of AED0.59 per share, translating to a dividend yield of 5.7 per cent, based on ADCB's closing share price as of December 31, 2024. Khaldoon Khalifa Al Mubarak, Chairman of ADCB's Board of Directors, commented: 'The Board of Directors has endorsed ADCB's ambitious strategy expressing their confidence in its successful implementation. ADCB's management team, with the Board's active and constructive oversight, has a proven track record as demonstrated by the fulfillment of the previous strategy well ahead of its projected timeframe. The Bank's ambition continues to be forward looking, and attuned to the pace and promise of the Nation's next phase of economic transformation. Our focus on rewarding the shareholders remains integral to our new strategy, ensuring that ADCB creates enduring value for all who place their trust in us.' ADCB is a trusted and pivotal financial partner in the UAE's reimagined future as the country targets AED335 billion in additional growth from AI transformation and AED1.3 trillion in foreign direct investment by 2031, while tripling its investment in clean and renewable energy by 2030, the bank said. Key highlights of FY'24 results: * Net interest income was AED13.226bn - 7% increase compared to 2023 • Non-interest income of AED6.254bn - 39% increase * Net fees and commission income up 27% • Operating income of AED19.480bn, up 15% • Cost to income ratio of 31.0% improved by 130 basis points • Operating profit before impairment charge is AED13.448bn, 18% increase For the fourth quarter, ADCB achieved: • Profit before tax of AED2.884bn, up 15% compared to the same quarter 2023 • Net profit after tax of AED2.573bn(1) • Net interest income of AED3.505bn, 3% increase • Non-interest income of AED1.962bn, up 57%, with net fees and commission income up 25% • Operating income of AED5.467bn, up 17% • Cost to income ratio of 28.6% improved by 340 basis points • Operating profit before impairment charge is AED3.902bn, 23% increase *This statement represents a forward-looking projection and is subject to necessary approvals, including but not limited to board, regulatory, and shareholder approvals
Gulf Today
27-01-2025
- Business
- Gulf Today
ADCB aims to double net profit to Dhs20 billion within five years
On the year of its 40th anniversary, Abu Dhabi Commercial Bank ('ADCB') has embarked on a visionary growth strategy, aligning with the UAE's progressive economic trajectory and contributing to the country's position as a leading global financial powerhouse. The strategy charts a clear blueprint to align with the country's ambitions through a substantial increase in scale and reach. Setting out the Bank's headline targets under the new strategy, Ala'a Eraiqat, ADCB Group Chief Executive Officer, said: 'ADCB has come a long way since 2020 under the stewardship of its Board. As the bank continues on this journey, and in order to match the scale of the UAE's ambition, it is expanding rapidly and setting clear and accountable objectives to create significant value for the shareholders. Through sustained high velocity of growth, ADCB aims to achieve the following targets, rewarding investors through both growth and income: • Doubling net profit to Dhs20 billion within the next five years, while aiming to achieve an annual growth rate of circa 20% • Increasing year-on-year paid-out dividends over the same period, whereby ADCB aims to increase its total targeted dividend payout to approximately Dhs25 billion over the next five-years, up 50% compared to the total dividend payout in the preceding five-year period* • Delivering annual Return on Equity exceeding 15% each year, while maintaining healthy regulatory ratios and an adequate capital position to fuel future growth A detailed strategy blueprint has been approved by the Board, laying out a clear way forward on how to achieve this ambition. As a progressive financial institution, ADCB will accelerate deployment of digital and AI technology to elevate customer experience, enhance risk management and boost productivity while empowering UAE nationals to lead the transformation of the banking industry. ADCB has delivered a total cumulative shareholder return of 75% since 2020. For the 2024 finanical year, the Board has recommended a cash dividend of Dhs0.59 per share, translating to a dividend yield of 5.7%, based on ADCB's closing share price as of Dec.31, 2024. Khaldoon Khalifa Al Mubarak, Chairman of ADCB's Board of Directors, commented: 'The Board of Directors has endorsed ADCB's ambitious strategy expressing their confidence in its successful implementation. ADCB's management team, with the Board's active and constructive oversight, has a proven track record as demonstrated by the fulfillment of the previous strategy well ahead of its projected timeframe. The Bank's ambition continues to be forward looking, and attuned to the pace and promise of the Nation's next phase of economic transformation. Our focus on rewarding the shareholders remains integral to our new strategy, ensuring that ADCB creates enduring value for all who place their trust in us.' ADCB is a trusted and pivotal financial partner in the UAE's reimagined future as the country targets Dhs335 billion in additional growth from AI transformation and Dhs1.3 trillion in foreign direct investment by 2031, while tripling its investment in clean and renewable energy by 2030. *This statement represents a forward-looking projection and is subject to necessary approvals, including but not limited to Board, regulatory, and shareholder approvals
