Abu Dhabi, 16 March 2023: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has been recognized as the "Best Islamic Bank in the UAE" by EMEA Finance, a leading financial publication covering developments in Europe and the Middle East. The prestigious award recognises ADIB's exceptional performance in 2022, which saw the bank achieve significant growth across key financial metrics as well as its commitment to providing excellent customer service and innovative banking solutions.
In 2022, ADIB recorded a 55% year-on-year increase in net profit, which reached AED 3.62 billion compared to AED 2.33 billion in 2021. The bank's Q4 net profit stood at AED 1.2 billion, up from AED 1 billion in Q3 2022, indicating a consistent trend of strong growth. ADIB's return on equity also improved by an impressive 7.1 percentage points to reach 21.4%, while revenue surged by 23% year-on-year to AED 6.8 billion.
ADIB's strong financial performance is a result of its commitment to sustainable banking practices and digital transformation, which have been made possible through the hard work and dedication of our team members. This recognition from EMEA Finance is a testament to bank's efforts in delivering the best banking services to our customers. As an industry leader in digital innovation, ADIB has introduced many innovative features and services that provide easy and convenient banking services to its customers since its inception. This award also reflects ADIB's commitment to providing innovative Shariah-compliant banking solutions that meet the evolving needs of its clients, while delivering sustainable growth and value to its shareholders.
In addition to its strong financial performance, ADIB achieved a number of operational milestones in 2022. The bank recorded a 22% growth in customer financing, while deposits grew by 26% year-on-year. The bank also welcomed 126,000 new customers in 2022, with 40% of them opening an account digitally.
As a leading Islamic bank, ADIB is constantly looking to explore opportunities that new technology offers by creating a next generation suite of banking services for its customers. With its continuous effort to develop pioneering digital services, the bank is advancing its sustainability agenda, with innovations aimed at promoting financial inclusion and achieving key objectives of its 5-year growth strategy.