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Fourth Quarter and Full Year 2024 Earnings Presentation ABU DHABI COMMERCIAL BANK PJSC Fourth quarter and full year 2024 Earnings presentation adcb.com/ir January 2025
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Fourth Quarter and Full Year 2024 Earnings Presentation This presentation is not an offer or solicitation of an offer to buy or sell securities. It is solely for use as an investor presentation and is provided as information only. This presentation does not contain all of the information that is material to an investor. By reading the presentation slides you agree to be bound as follows: This presentation has been prepared by Abu Dhabi Commercial Bank PJSC (“ADCB”), is furnished on a confidential basis and only for discussion purposes, may be amended and supplemented and may not be relied upon for the purposes of entering into any transaction . The information contained herein has been obtained from sources believed to be reliable but ADCB does not represent or warrant that it is accurate and complete . The views reflected herein are those of ADCB and are subject to change without notice. All projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of the matters described herein. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance . No action has been taken or will be taken that would permit a public offering of any securities in any jurisdiction in which action for that purpose is required . No offers, sales, resales or delivery of any securities or distribution of any offering material relating to any such securities may be made in or from any jurisdiction except in circumstances which will result in compliance with any applicable laws and regulations . This presentation does not constitute an offer or an agreement, or a solicitation of an offer or an agreement, to enter into any transaction (including for the provision of any services) . No assurance is given that any such transaction can or will be arranged or agreed. Before entering into any transaction, you should consider the suitability of the transaction to your particular circumstances and independently review (with your professional advisers as necessary) the specific financial risks as well as the legal, regulatory, credit, tax and accounting consequences . This presentation may include forward -looking statements that reflect ADCB's intentions, beliefs or current expectations . Forward -looking statements involve all matters that are not historical by using the words "may", "will", "would", "should", "expect", "intend", "estimate", "anticipate", "believe" and similar expressions or their negatives . Such statements are made on the basis of assumptions and expectations that ADCB currently believes are reasonable, but could prove to be wrong. The inclusion of such forward -looking statements shall not be regarded as a representation by ADCB or any other person that ADCB’s objectives will be achieved . ADCB undertakes no obligation to update or publicly announce revisions to any forward -looking statements, except where it would be required to do so under applicable law. This presentation is for the recipient’s use only. This presentation is not for distribution to retail clients . In particular, neither this presentation nor any copy hereof may be sent or taken or distributed in the United States, Australia, Canada or Japan or to any U.S. person (as such term is defined in Regulation S under the U.S. Securities Act 1933, as amended (the “Securities Act”)), except pursuant to an exemption from the registration requirements of the Securities Act. If this presentation has been received in error it must be returned immediately to ADCB. Accordingly, this presentation is being provided only to persons that are (i) "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act or (ii) not "U.S. persons" within the meaning of Regulation S under the Securities Act. By accepting the delivery of this presentation, the recipient warrants and acknowledges that it falls within the category of persons under clause (i) or (ii). No representation can be made as to the availability of the exemption provided by Rule 144 for re-sales of any securities offered by or guaranteed by ADCB. No securities offered by or guaranteed by ADCB have been recommended by, or approved by, the United States Securities and Exchange Commission (the “SEC") or any other United States federal or state securities commission or regulatory authority, nor has any such commission or regulatory authority passed upon the accuracy or adequacy of this presentation . This document does not disclose all the risks and other significant issues related to an investment in any securities/transaction . Prior to transacting, potential investors should ensure that they fully understand the terms of any securities/transaction and any applicable risks. This document is not a prospectus for any securities . Investors should only subscribe for any securities on the basis of information in the relevant prospectus and term sheet, and not on the basis of any information provided herein . This presentation is being communicated only to (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or (iii) those persons to whom it may otherwise lawfully be distributed (all such persons together being referred to as “relevant persons”). This presentation is communicated only to relevant persons and must not be acted on or relied on by persons who are not relevant persons . Any investment or investment activity to which this presentation relates is available only to relevant persons and will be engaged in only with relevant persons. By accepting this document you will be taken to have represented, warranted and undertaken that (i) you are a relevant person (as defined above); (ii) you have read and agree to comply with the contents of this notice; and (iii) you will treat and safeguard as strictly private and confidential all such information and take all reasonable steps to preserve such confidentiality . Disclaimer 2
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Fourth Quarter and Full Year 2024 Earnings Presentation Table of contents 1. ADCB 5 -year journey 2. Financial highlights 3. Digital & ESG highlights 4. Operating environment 5. Summary 6. Appendix 4 7 23 26 28 30
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Fourth Quarter and Full Year 2024 Earnings Presentation 1. ADCB 5-year journey
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Fourth Quarter and Full Year 2024 Earnings Presentation ADCB 5-year journey: key financial metrics 5 13.30% 12.94% 12.96% 12.86% 12.56% 16.61% 15.97% 15.77% 16.22% 16.13% 2020 2021 2022 2023 2024 CET1 Capital adequacy ratio Robust capital ratios 1.45 0.77 0.76 0.79 0.58 2020 2021 2022 2023 2024 Improved asset quality (cost of risk %) Note: CAGR calculations are from 2020 to 2024 (1) Net of loss on discontinued operations, as applicable (2) Well above the annual cost synergy target of AED 1 bn (3) Proposed dividend subject to approval by regulators and shareholders at the Annual General Meeting (4) Bloomberg calculation assumes total return after investing all dividends back into the security Balance sheet of AED 653 bn, reflecting robust growth in loans & deposits (AED bn) Net loans and advances Total deposits 239 244 258 302 351 251 265 309 363 421 2020 2021 2022 2023 2024 Net loans CAGR +10% | +47% Deposits CAGR +14% | +67% 3.9 5.3 6.6 8.4 10.6 2020 2021 2022 2023 2024 AED 10 bn milestone reached one year ahead of internal target Return on average equity (before tax)Profit before tax (1) (AED bn) AED 9.4 bn post tax Creating significant shareholder value 0.27 0.37 0.37 0.56 0.59 0.18 2020 2021 2022 2023 2024 0.55 Dividend per share (AED) cash stock Book value per share (AED) 5 Year TSR(4) of 75% with share price +38% Total shareholder return (TSR) is the total return of a stock to an investor, reflecting the share price movement and dividends received 8.00 4.00 12.00 31 Dec’19 31 Dec’24Dec’23Dec’22Dec’21 10.42 1-year TSR: 21% 7.53 3-year TSR: 45% 5-year TSR: 75% AED Dec’20 (3) 36.3% 34.7% 34.1% 32.3% 31.0% 2020 2021 2022 2023 2024 Disciplined cost management (530 bps decline in C:I ratio) Realised synergies of AED 1.2 bn from the merger with UNB and AHB (2) Increased non-interest income, enabling effective capital deployment NPL ratio halved and at its lowest level since 2020 22% 28% 29% 27% 32% 2020 2021 2022 2023 2024 54 67 61 79 99 2020 2021 2022 2023 2024 Strategic rebalancing of the loan portfolio, with increased GRE exposure (AED bn) 21% 26% 23% 25% 27% CAGR: +28% | 2.7x Loan concentration Govt, & PSE loans 6.04% 5.41% 5.25% 3.73% 3.04% 2020 2021 2022 2023 2024 NPL ratio 73 60 60 54 50 2020 2021 2022 2023 2024 29% 24% 22% 17% 14% Loan concentration Real estate loans 94.3% 93.4% 93.0% 102.5% 110% Provision coverage ratio Non-interest income contribution to operating income 7.3% 9.9% 11.7% 13.6% 15.3% 411 440 498 567 653 Total assets (AED bn) 7.27 7.67 7.97 8.54 9.13 ADCB 5-YEAR JOURNEY
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Fourth Quarter and Full Year 2024 Earnings Presentation 1,482 1,854 1,910 2,096 2,107 2020 2021 2022 2023 2024 ADCB 5-year journey: key non- financial metrics 6 (1) Total digital subscriptions include mobile and internet banking channels (2) NPS: Net promoter score is based on the likelihood that customers will recommend ADCB to family or a friend. NPS is calculated a s the percentage of customers who are promoters, rating ADCB a 9 or 10 on a 0 to 10- point scale, minus the percentage who are detractors, rating it 6 or lower Growing foreign shareholding Accelerated digital transformation strategy resulting in increased self -service transactions, +39% YoY 79 103 137 188 262 2020 2021 2022 2023 2024 No. of digital retail transactions (mn) 3.3x Record level of digitally onboarded retail customers 69% 76% 78% 83% 83% 2020 2021 2022 2023 2024 ADCB 5-YEAR JOURNEY Service excellence – NPS scores (2) 2020 52 2021 66 2022 69 2023 73 2024 77 Emiratisation – a key strategic priority, 42% increase in UAE nationals Total UAE Nationals (ADCB + AHB) 1.4x Record level of digital retail subscriptions (1) 827 989 1,225 1,643 2,108 2020 2021 2022 2023 2024 12.20% 15.23% 17.42% 18.16% 18.13% 2020 2021 2022 2023 2024 74% 80% 86% 89% 91% (‘000) % digital subscribers
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Fourth Quarter and Full Year 2024 Earnings Presentation 2. Financial highlights
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Fourth Quarter and Full Year 2024 Earnings Presentation Diversified growth by business streams % contribution to FY’24 operating income FINANCIAL HIGHLIGHTS Key highlights FY’24 key highlights Property Management 1% AED 0.141 bn Treasury and Investments 25% AED 4.836 bn Retail Banking 27% AED 5.322 bn Private Banking 8% AED 1.531 bn Corporate and Investment Banking 39% AED 7.650 bn 8 AED 19.480 bn • ADCB surpassed AED 10 bn profit before tax internal target , recording 14 consec utive quarters of core organic growth • New Board-endorsed strategy sets a clear path to double net profit to AED 20 billion within five years in line with the UAE’s dynamic economic transformation and growth • Significant value creation reflected in 5-year TSR of 75%. Recommended dividend of AED 0.59 per share, equivalent to 46% of net profit, in line with guidance • FY’24 profit before tax of AED 10.585 bn, up 26% YoY . Q4’24 profit before tax of AED 2.884 bn, up 15% YoY • FY’24 net profit after tax of AED 9.419 bn, with ROATE of 15.2% at the upper end of FY’24 guidance. Q4’24 net profit after tax of AED 2.573 bn, representing ROATE of 16.6% • Net loans increased 16% YoY (AED 49 bn) to AED 351 billion. Strong demand from individual and corporate customers, with GREs contributing 42% of gross loan growth Note: Figures may not add up due to rounding differences FY’24 profit before tax exceeds AED 10 bn milestone driven by strong broad-based growth supported by a vibrant UAE economy YoY deposit growth Profit before tax (AED) 10.585 bn +26% YoY +16% YoY+16% YoY AED +58 bn • Customer deposits increased 16% YoY (AED 58 bn) to AED 421 billion. CASA deposits at 44% of total deposits, following strong inflow of AED 16.45 billion in Q4’24 • Well-diversified revenue streams; non-interest income 32% of operating income, up from 27% in FY’23 • Cost to income ratio improved by 130 bps YoY to 31.0% in FY’24 driven by enhanced efficiencies and disciplined cost management • ADCB was added to the FTSE4Good Index Series in December 2024 reflecting its strong progress on sustainability • Significant ESG rating upgrade by MSCI to ‘AA’ and the category of ‘industry leader’ in Q4’24 • Accelerated adoption of AI across operations to drive greater productivity and efficiency YoY net loan growth AED +49 bn
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Fourth Quarter and Full Year 2024 Earnings Presentation FINANCIAL HIGHLIGHTS 9 The Bank has delivered on its key FY’24 guidance metrics and embarked on a new strategy FY’24 actual vs. guidance FY’24 guidance FY’24 actual Loan growth 16%–17% 16% Net interest income growth c.8% 7% NIM c.2.55% 2.58% Cost of risk (1) <55 bps 58 bps ROATE 14%–15% 15.2% CET1 ratio >12% 12.56% Dividend payout ratio (cash) 40%–50% 46% (1) CoR: Net impairment charge on loans & advances and investments divided by net average loans & advances and investments
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Fourth Quarter and Full Year 2024 Earnings Presentation Ambitious targets set by the new five- year strategy 10 New strategy 5-year guidance Profitability Double net profit to AED 20 billion within five years; c.20% annual growth rate Cost of risk (1) <60 bps CET1 ratio >12% ROE >15% Dividend payout (2) Progressive year -on-year increase in paid -out dividends, with targeted total dividend payout of c. AED 25 billion over five -year period ADCB has announced a new five -year strategy establishing a clear roadmap for the accelerated growth of core businesses to create significant value for shareholders. The Bank’s guidance for key financial metrics, outlined below, aligns with targets set in the new strategy (1) CoR: Net impairment charge on loans & advances and investments divided by net average loans & advances and investments (2) This statement represents a forward -looking projection and is subject to necessary approvals, including but not limited to board , regulatory, and shareholder approvals FINANCIAL HIGHLIGHTS: 5-YEAR STRATEGY & GUIDANCE For more please visit: adcb.com/strategyannouncement
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Fourth Quarter and Full Year 2024 Earnings Presentation FINANCIAL HIGHLIGHTS 11 Strong FY’24 financial performance ROAA(5) 1.43% ROATE(5) 15.2% Note: Figures may not add up due to rounding differences (1) Including Islamic financing (2) Net gain on disposal of stake in subsidiary and fair value gain on retained interest (3) After including share in profit of associates (4) For the Bank, the UAE corporate tax of 9% commenced on and from 1 January 2024. Therefore 2023 post tax comparison is not on a like for like basis (5) For ROATE/ROAA calculations, net profit after tax attributable to equity shareholders has been considered, i.e. net profit after deducting coupon payments relating to Tier I capital notes (6) Diluted earnings per share for FY’24 is AED 1.19 and AED 1.07 for FY’23 Income statement (AED mn) FY’24 FY’23 ∆YoY Total net interest income (1) 13,226 12,374 7% Non-interest income 6,254 4,493 39% Operating income 19,480 16,866 15% Operating expenses (6,031) (5,453) 11% Operating profit before impairment charge 13,448 11,414 18% Impairment charge (2,874) (3,477) (17%) Net gain on disposal of stake in subsidiary (2) – 490 NA Profit before tax (3) 10,585 8,427 26% Income tax charge (1,166) (221) NM Net profit (4) 9,419 8,206 15% Profit before tax Operating profit FY’23: 1.47% FY’23: 15.1% FY’23: 1.07 FY’24 profit before tax up 26% and ROATE of 15.2%, at the upper - end of guidance, driven by double -digit growth in operating profit Basic EPS (6) AED 1.20 (AED bn) +26% +18% 8.427 10.585 11.414 13.448 FY’23 FY’24 FY’23 FY’24
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Fourth Quarter and Full Year 2024 Earnings Presentation FINANCIAL HIGHLIGHTS 12 ROAA(7) 1.52% ROATE(7) 16.6% Basic EPS (8) Note: Figures may not add up due to rounding differences (1) Including Islamic financing (2) Net gain on disposal of stake in subsidiary and fair value gain on retained interest (3) After including share in profit of associates (4) For the Bank, the UAE corporate tax of 9% commenced on and from 1 January 2024. Therefore 2023 post tax comparison is not on a like for like basis (5) Net of loss on discontinued operations, as applicable (6) Excluding one -off gain recorded from the divestment of an 80% stake in Abu Dhabi Commercial Properties (ADCP) in Q4’23 (7) For ROATE/ROAA calculations, net profit after tax attributable to equity shareholders has been considered, i.e. net profit after deducting coupon payments relating to Tier I capital notes (8) Diluted earnings per share for Q4’24 is AED 0.34 (Q4’23: AED 0.34) (AED bn) Income statement (AED mn) Q4’24 Q3’24 Q4’23 ∆QoQ ∆YoY Total net interest income (1) 3,505 3,144 3,413 11% 3% Non-interest income 1,962 1,569 1,249 25% 57% Operating income 5,467 4,713 4,662 16% 17% Operating expenses (1,565) (1,515) (1,491) 3% 5% Operating profit before impairment charge 3,902 3,197 3,171 22% 23% Impairment charge (1,020) (525) (1,162) 94% (12%) Net gain on disposal of stake in subsidiary (2) – – 490 NA NA Profit before tax (3) 2,884 2,678 2,500 8% 15% Income tax charge (311) (288) (47) 8% NM Net profit (4) 2,573 2,390 2,454 8% 5% Q4’23: 1.76% Q4’23: 18.1% Q4’23: 0.34 14 consecutive quarters of growth; Q4’24 profit before tax up 15% YoY and ROATE of 16.6% AED 0.34 14 quarters of consecutive growth in profit before tax(5) Q4’24 profit before tax (AED bn) 2.884 2021 2022 2023 2024 +15% YoY +8% QoQ 1.30 1.48 1.51 1.61 1.63 1.81 1.93 1.99 2.00 2.01 2.43 2.59 2.68 2.88 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (6)
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Fourth Quarter and Full Year 2024 Earnings Presentation (4,641) (5,332) (5,218) 8,054 8,476 8,723 3,413 3,144 3,505 (15,877) (20,508) 28,251 33,734 12,374 13,226 Q4’23 Q3’24 Q4’24 FY’23 FY’24 FINANCIAL HIGHLIGHTS Key highlights Net interest income (AED mn) 2.93 2.70 2.63 2.41 2.58 1.95 2.07 2.16 2.01 1.89 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Net interest margin Risk-adjusted NIM NIM and risk adjusted NIM (%)(1)(2)(3) Cost of funds (%) Asset yield (%)(1)(2) 13 5.64 5.58 5.59 5.35 4.77 5.42 5.26 5.25 5.06 4.49 4.22 4.26 4.25 4.28 4.04 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Cost of funds Average 3M LIBOR/SOFR Average 3M EIBOR Note: Figures may not add up due to rounding differences (1) FVTPL assets are non -interest bearing and hence excluded from the calculation of Interest earning assets (2) Q4’23 yield and NIM were higher primarily on account of higher interest in suspense releases recorded during the quarter (3) Risk adjusted NIM: Net interest income less impairment charge on loans and advances to customers, banks, and investments secu rities divided by average interest earning assets FY’23 2.83 2.06 FY’24 2.58 2.03 3.85 5.14 5.39 FY’23 FY’24 5.02 5.32 Interest expenseInterest income +3% +7% 3 rate cuts from Sep’24 onwards 6.91 6.72 6.68 6.50 6.41 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 FY’23 6.46 FY’24 6.57 4.20 • The Bank continued to target high-quality, low-risk credit counterparties to enhance profile and resilience of loan portfolio. In parallel, representation of time deposits in the funding mix increased amid a higher rate environment during the year • In this context, risk-adjusted net interest margin (NIM) remained broadly steady YoY at 2.03%, while NIM decreased 25 bps to 2.58% in line with guidance • NIM in Q4’24 increased by 17 bps sequentially to 2.58% driven by an improvement in cost of funds amid lower benchmark rates and a net inflow of AED 16.45 bn of CASA deposits in the quarter Steady FY’24 risk adjusted NIM, while Q4’24 NIM increased 17 bps QoQ on lower benchmark rates and inflow of CASA deposits
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Fourth Quarter and Full Year 2024 Earnings Presentation FINANCIAL HIGHLIGHTS Net fees and commission income(2) (AED mn) Key highlights 14 FY’24 AED 3,101 mn +27% Note: Figures may not add up due to rounding differences (1) Includes net gains/(losses) from investment properties (2) All figures in the pie charts are net of related expenses (3) Others mainly includes POS/acquiring related fees, bond arrangement fees, insurance commission, etc. • FY’24 net fees and commission income up 27% primarily due to increase in gross card and loan related fees. ADCB was the largest issuer of cards in the UAE in 2024, with 243,000 new cards issued, up 7% YoY. Strong advisory offering and product suite continue to driving a market-leading fee-to-income ratio for CIBG • FY’24 net trading income up 30% on net gains from financial assets at fair value through profit or loss (FVPTL), and higher gains of derivatives and foreign exchange • Q4’24 non -interest income up 25% QoQ with other operating income at AED 803 mn primarily on account of gains on extinguishment of corporate loans +20% YoY FY’24 card -related fees (gross) +33% YoY FY’24 loan processing fees (gross) Non-interest income (AED mn) Q4’24 Q3’24 Q4’23 ΔQoQ ΔYoY FY’24 FY’23 ΔYoY Net fees and commission income 722 867 577 (17%) 25% 3,101 2,444 27% Net trading income 436 625 398 (30%) 10% 2,064 1,593 30% Other operating income (1) 803 78 274 NM NM 1,089 456 NM Total non -interest income 1,962 1,569 1,249 25% 57% 6,254 4,493 39% Well diversified growth with FY’24 non - interest income up 39%, representing 32% of total operating income vs 27% in FY’23 Asset mgt./investment services: 217 Loan processing fees: 1,011 Accounts related fees: 361 Others (3): 195 Card related fees: 648 Trade finance commission: 667 FY’23 AED 2,444 mn Asset mgt./investment services: 126 Loan processing fees: 734 Trade finance commission: 585 Accounts related fees: 269 Card related fees: 623 Others (3): 108 27% 33% 36% 27% 32% Q4'23 Q3'24 Q4'24 FY'23 FY'24 Non-interest income/total income
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Fourth Quarter and Full Year 2024 Earnings Presentation 844 878 886 539 532 573 92 93 9216 13 131,491 1,515 1,565 3,064 3,360 1,924 2,258 378 363 86 51 5,453 6,031 Q4’23 Q3’24 Q4’24 FY’23 FY’24 FINANCIAL HIGHLIGHTS Note: Figures may not add up due to rounding differences Key highlightsCost to income ratioOperating expenses (AED mn) General administrative expensesStaff costs Amortisation of intangible assets Depreciation 15 • FY’24 cost to income ratio improved by 130 bps YoY driven by disciplined cost management and strong operating income • Continued broad based investment in the growth of the business in initiatives such as IT infrastructure, digitisation and sales, contributed to 11% YoY growth in 2024 operating expenses • Strong operating income in Q4’24 resulted in a cost to income ratio of 28.6%, an improvement of 340 bps YoY and 360 bps QoQ 32.0% 32.2% 28.6% 32.3% 31.0% Q4’23 Q3’24 Q4’24 FY’23 FY’24 -130 bps+11% -340 bps FY’24 cost to income ratio improved 130 bps driven by enhanced efficiencies and disciplined cost management +5%
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Fourth Quarter and Full Year 2024 Earnings Presentation FINANCIAL HIGHLIGHTS 16 Note: Figures may not add up due to rounding differences (1) Euro commercial paper (2) Dec’24 CAR/CET1 ratios are post proposed dividend (AED 0.59 per share), please see slide 20 for further details (3) ADCB customer base only, excludes ADCB Egypt and Al Hilal Bank (4) Liquidity ratio: Liquid assets/total assets. Liquid assets include cash and balances with Central Banks, deposits and balances d ue from banks (excluding loans to banks), reverse repo placements, trading securities, and liquid investments (excluding unquoted investments) Balance sheet (AED mn) Dec’24 Sep’24 Dec’23 ΔQoQ ΔYoY Total assets 652,814 638,754 567,194 2% 15% Net interest earning assets 555,289 539,197 484,972 3% 14% Net loans and advances to customers 350,638 344,014 301,995 2% 16% Net loans and advances to banks 30,679 28,176 28,190 9% 9% Investment securities 142,989 141,434 128,268 1% 11% Deposits from customers CASA Time deposits 421,060 185,869 235,191 406,742 169,421 237,321 362,905 167,373 195,532 4% 10% (1%) 16% 11% 20% Borrowings (including ECP) (1) 94,840 96,236 84,431 (1%) 12% Total shareholders’ equity 75,562 73,688 71,247 3% 6% (2 CET1 ratio 12.56% CAR 16.13% 12.86% 13.11% 12.56% Dec’23 Sep’24 Dec’24 16.22% 16.68% 16.13% Dec’23 Sep’24 Dec’24 LCR 137.3% Dec’23: 158.1% Liquidity ratio(4) 32.4% Dec’23: 32.6% LTD ratio 83.3% Dec’23: 83.2% Growth in customer base(3) 21% YoY Strong market position driving significant balance sheet growth, with assets surpassing AED 650 billion milestone (2) (2) Post proposed dividend Post proposed dividend
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Fourth Quarter and Full Year 2024 Earnings Presentation 57 65 66 48 47 47 197 232 238 302 344 351 Dec’23 Sep’24 Dec’24 FINANCIAL HIGHLIGHTS Net loans(1) (AED bn) Corporate & Investment Banking Group Private Banking GroupRetail Banking Group Gross loans(1): AED 360 bn 17 Personal 21% Government & PSE 27% (Dec’23: 25%, Dec’22: 23%) Trading 8% Financial institutions 9% Hospitality 2% Others (2) 19% Real estate investment 14% (Dec’23: 17%, Dec’22: 22%) By economic sector Overdrafts (retail & corporate) 4% Credit cards 2% Mortgages 5% Trade finance 8% Retail loans (3) 13% Corporate loans 67% By product Key highlights Retail Banking Group (RBG) (4) % increase in acquisitions (FY’24 vs. FY’23) % increase in portfolio balance (Dec’24 vs. Dec’23) Personal loans 4%(5) 6% Mortgage loans 12%(5) 21% Auto loans (5%)(5) 12% Credit cards 7%(6) 16% Note: Figures may not add up due to rounding differences (1) Includes loans and advances at FVTPL (NMC loan) (2) Others include: agriculture, energy, transport, manufacturing, services and others (3) Retail loans include personal loans, auto loans and others (4) ADCB Group’s UAE operations, including Al Hilal Bank (5) Personal, mortgage and auto loans refer to value of disbursals (6) Credit cards reflect the volume of cards issued Net loans +16% YoY +2% QoQ • Well-balanced growth across diverse sectors, including government & public sector, financial institutions, trading, as well as retail customers • In line with strategic rebalancing of the portfolio, GREs represented 27% of gross loans, up from 25% a year earlier. Exposure to real estate investment reduced to 14% from 17% a year earlier • Loans outside the UAE stood at 21% of gross loans with CIBG supporting clients through a strategic regional presence AED 112 bn New credit extended in FY’24 AED 61 bn Repayments in FY’24 Loan growth of 16% YoY, with GREs accounting for 42% of gross loan growth in FY’24 Outside UAE 21% Dubai 22% Other Emirates 6% Abu Dhabi 51% By geography Gross loans by geography(1) (AED bn) 252 284 285 61 70 76 313 354 360 Dec’23 Sep’24 Dec’24 Within the UAE Outside the UAE
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Fourth Quarter and Full Year 2024 Earnings Presentation 18 • Investment securities increased 11% YoY to AED 143 bn, with bonds representing 99% of the portfolio • 64% accounted for at amortised cost and 36% at fair value through other comprehensive income (FVTOCI) and marked to market on a daily basis Key highlights • Rated A - or better: 88.7% • Rated BBB+ to BBB- : 9.8% • Rated below investment grade (BB+ and below including unrated): 1.5% Non-Government bond portfolio • Standard & Poor’s, or equivalent of Fitch or Moody’s. Issuer/guarantor’s ratings are used, where bonds are unrated Credit ratings Highly rated portfolio of investment securities increased 11% YoY to AED 143 bn, with 99% being invested in bonds FINANCIAL HIGHLIGHTS Investment securities: AED 142,989 mn(2)Investment securities (AED mn) Asia 19% Other GCC countries 20% USA 9% Europe 11% Domestic 33% Banks and FI 10% Public sector 19% Others 5% Government 66% Total bond portfolio Government and Non-Government bond portfolio: AED 142,068 mn Level 2 Valuation techniques using observable inputs 2% Level 1 Quoted market prices 98% UAE Sovereign (4) 0.3% BBB+ to BBB - 11% AAA to AA- 52% A+ to A- 33% BB+ to unrated 4% Maturity profile (AED mn)(3) 128,268 142,989 Dec’23 Dec’24 (1) Fair value hierarchy Credit ratings By region By issuer Invested in the UAE and GCC (Dec’23: 54%) 53% Invested in bonds 99% +11% Note: Figures may not add up due to rounding differences (1) Includes AED 92 bn investments carried at amortised cost (31 Dec 2023: AED 87 bn) (2) Includes equity instruments and mutual funds (3) Excluding investments in equity and funds (4) UAE Sovereign internal rating in Grade 3 - and maps to external rating between AA to A - 22,723 21,329 19,658 17,189 61,168 2025 2026 2027 2028 2029 & beyond Rest of the world 8%
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Fourth Quarter and Full Year 2024 Earnings Presentation 19 1.8 42.1 4.4 4.2 0.003 0.7 2.6 2.4 6.2 1.2 1.9 5.1 2.0 20.3 50.1 6.3 11.9 4.4 22.1 2025 2026 2027 2028 2029 and beyond Strong franchise driving 16% growth in customer deposits in FY’24, with significant AED 16.45 bn inflow of CASA deposits in Q4’24 FINANCIAL HIGHLIGHTS CASA split by business (AED bn)Customer deposits (AED bn)Liability mix Key highlightsMaturity profile (AED bn)Wholesale funding As at 31 Dec 2024 AED bn Global medium term notes (GMTN) 30 Repurchase agreements (Repo) 44 Euro commercial paper (ECP) 6 Bilateral loans 6 Certificate of deposits (CD) 6 Subordinated notes - fixed rate 2 Total 95 ECPBilateral loansRepo and CD MTN/GMTN AED 577 bn CASA deposits Time depositsRetail Banking (1) Private Banking CIBG Treasury 80 89 91 50 57 58 169 195 206 64 66 66363 407 421 Dec’23 Sep’24 Dec’24 167 169 186196 237 235 Dec’23 Sep’24 Dec’24 Customer deposits 73% Euro commercial paper 1 % Other liabilities 5% Derivative financial instruments 4% Borrowings 15% Due to banks 2 % • Strong franchise drove broad -based growth in customer deposits, up 16% YoY (AED 58 bn) to AED 421 bn at end-2024 • CASA deposits increased 11% YoY (AED 18.5 bn) to AED 186 bn, with a significant net inflow of AED 16.45 bn in Q4’24, to represent 44% of total deposits • Time deposits increased 20% YoY (AED 40 bn) to AED 235 bn • As at December -end, ADCB was a net lender of AED 23.8 bn in the interbank markets (3) As at 31 Dec 2024 Total deposits CASA CASA % Contribution to Group’s CASA % Commercial 27 23 85% 13% CIBG (2) 179 82 46% 44% PBG 58 12 21% 7% RBG(1) 91 68 75% 36% Subtotal 355 185 52% 99% Treasury 66 1 2% 1% ADCB Group 421 186 44% 100% Subordinated notes Note: Figures may not add up due to rounding differences (1) Includes Property Management (2) Excludes Commercial (3) Excludes loans to banks of AED 30.7 bn from deposits and balances due from banks, net, but includes certificate of deposits with central banks of AED 5.3 bn and overnight placement with Central Bank of AED 10.3 bn
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Fourth Quarter and Full Year 2024 Earnings Presentation 357.7 382.513.4 16.522.3 31.3 24.8 3.1 9.0 393.4 430.3 31-Dec-23 ∆ Credit risk ∆ Market risk ∆ Operational risk 31-Dec-24 Note: Figures may not add up due to rounding differences (1) UAE CB minimum CET1, Tier 1 and CAR requirements; 10.09%, 11.59% and 13.59% (including Credit Countercyclical Buffer regulatory requirement of 9 bps for Q4’24, subject to change every quarter) (2) Includes increase in credit valuation adjustment charge (3) 2022 dividend consisted of cash and stock dividend in the ratio of 33% (cash dividend of AED 0.18 per share) and 67% (stock dividend in lieu of cash of AED 0.37 per share) respectively 1.878 2.574 3.827 4.099 4.319 49% 49% 60% 50% 46% 2020 2021 2022 2023 2024 67% stock dividend 33% cash dividend Capital adequacy ratio walkthrough (%)(1) 20 CRWA MRWA ORWA Dividend history and shareholders’ returns (AED bn)Risk weighted assets walkthrough (AED bn) Payout ratioDividend amount (2) Strong capital position supported by earnings growth and efficient capital deployment FINANCIAL HIGHLIGHTS 12.86 12.56 2.23 2.03 1.13 1.54 2.19 0.50 (1.00) (0.38) (0.94) (0.12) (0.34) 16.22 16.13 31-Dec-23 FY’24 net profit Proposed dividend Impact of changes in FVOCI, other reserves and Tier-1 coupon payment Tier-2 Capital ∆ Credit risk ∆ Market risk ∆ Operational risk 31-Dec-24 CET1 ratio AT1 ratio Tier 2 ratio 0.27 0.37 0.55(3) 0.56 0.59
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Fourth Quarter and Full Year 2024 Earnings Presentation 21 102.5% 97.5% 110.0% Dec’23 Sep’24 Dec’24 4,785 5,007 4,981 5,521 4,589 4,740 2,743 2,598 2,576 13,049 12,194 12,297 Dec’23 Sep’24 Dec’24 1,583 933 942 Dec’23 Sep’24 Dec’24 4.20% 3.69% 3.28% NPL ratio including POCI, net Non-performing loans(1) (AED mn) and NPL ratio 12,736 13,176 11,893 Dec’23 Sep’24 Dec’24 3.73% 3.45% 3.04% NPL ratio Note: POCI: Purchased or originated credit -impaired financial assets CoR: Net impairment charge on loans & advances and investments divided by net average loans & advances and investments (1) Includes NMC Holdco. loan, which has been classified as loans and advances at FVTPL in financial statements (2) Provisions on loans and advances, including fair value adjustments (3) Fair value adjustments on loans include the historical ECL carried in books of AHB and ex -UNB (excluding POCI) (4) Excludes AED 219 mn impairment allowances on POCI FINANCIAL HIGHLIGHTS Improved asset quality metrics with NPL ratio at lowest level over the last five years Cost of risk Cost of risk POCI assets (AED mn) and NPL ratio including POCI Provision coverage ratio(2) ECL by stage (AED mn) Provision coverage ratio including collateral Stage 1 and 2 Stage 3(4) Fair value adjustments (3) 168% 156% 188% Net impairment charge (AED mn) 748 748 819 1,162 741 588 525 1,020 3,477 2,874 0.75% 0.71% 0.73% 1.02% 0.67% 0.48% 0.42% 0.72% 0.79% 0.58% Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 FY’23 FY’24 NPL ratio FY’23 Impairment charge: AED 3,477 mn Cost of risk: 0.79% FY’24 Impairment charge: AED 2,874 mn Cost of risk: 0.58%
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Fourth Quarter and Full Year 2024 Earnings Presentation • Net profit (1) in Q4’24 increased 2% YoY to EGP 640 million, representing a return on equity of 21% • Net profit(1) in FY’24 increased 99% YoY to EGP 3.593 billion, representing a return on equity of 34% • Net loans increased 45% YoY to EGP 52 billion as at 31 December 2024 • Total deposits increased 35% YoY to EGP 116 billion as at 31 December 2024 22 FINANCIAL HIGHLIGHTS Update on key subsidiaries: Al Hilal Bank implements transformational growth strategy, while ADCB Egypt ’s net profit doubles • Led by newly appointed Chief Executive Officer Jamal Al Awadhi, Al Hilal Bank is implementing a transformational growth strategy • In 2024, the Bank migrated all customers to a new state -of-the-art platform , leveraging cloud technology to drive innovation, enhance the customer journey, and increase productivity • Through the new platform, the Bank onboarded over 14,000 customers per month in 2024 • The Bank ’s new strategy sets a clear roadmap for gaining further market share , including enhanced liability products, refining segmentation strategies , and automating processes to achieve service excellence Egypt FY’24 net profit (EGP)(1) 3.593 bn FY’24 ROE 34% FY’24 digitally active customers +45% YoY FY’24 digital subscribers +33% YoY • ADCB Egypt delivered a strong financial performance capitalising on strong loan growth and broadening customer relationships • Continued focus on digital transformation, with subscribers to digital banking platforms up 33% and active users up 45% YoY • Leveraging the strengths of ADCB’s Corporate and Investment Banking Group (CIBG) to provide a comprehensive offering, including transaction banking services, working capital solutions, payment services, corporate credit cards and escrow accounts (1) Based on IFRS
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Fourth Quarter and Full Year 2024 Earnings Presentation 3. Digital & ESG highlights
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Fourth Quarter and Full Year 2024 Earnings Presentation Digital impact on businesses • Digital channels accounted for 83% of the 741,000 new customers onboarded by ADCB Group’ s UAE operations (including Al Hilal Bank) in 2024. ADCB ’s onboarding app, Hayyak, welcomed over 440k new customers during the year • Digital banking subscribers (internet and mobile banking) increased by over 465,000 , or 28% in 2024, bringing the total to over 2 million and representing 91% of total retail customers • In a key measure of increased efficiency, self-service transactions increased 40% YoY to over 263 million in 2024, representing 97% of all customer transactions Digital transformation and AI initiatives Total digital (2) MIB Total digital (2) MIB Digital subscribers(1) (‘000) Digitally active customers(1) (‘000) 97 97 2023 2024 65 63 2023 2024 1,560 2,039 1,643 2,108 2023 2024 1,269 1,672 1,309 1,701 2023 2024 ProCash transactions (% of total) ProTrade transactions (% of total) Retail customers onboarded digitally through Hayyak 79% Digital retail customer transactions 97% Q4’24 digital highlights(1) Mobile fund transfer transactions +60% YoY Self-service retail transactions 74 mn 37% YoYCustomers registered on Internet & Mobile Banking 91% DIGITAL & ESG HIGHLIGHTS Note: Subscribers: Registered user having at least one active product relationship Active: At least one transaction in past three months Self -service transactions: Refer to transactions made on electronic channels including ATMs, excluding PoS (1) ADCB UAE operations only, excluding Al Hilal Bank (2) Total digital: Internet or Mobile Banking 24 Digital transformation driving customer growth and engagement, while AI strategy and early ‘use cases’ support productivity gains • Introduction of a new cloud -based mobile banking platform , which allows highly scalable and efficient expansion of the Bank’s digital and AI -driven customer offering, with data analytics powering hyper -personalisation of service delivery • Accelerated the adoption of AI across operations to drive greater productivity. More than 20 high- value use cases were introduced, including process automation and risk management • Implemented over 60 digital projects in 2024 to enhance the customer experience and drive productivity
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Fourth Quarter and Full Year 2024 Earnings Presentation 25 • Added to the ‘FTSE4Good Index Series’ placing ADCB above the global financial industry average across all ESG criteria, with the Bank rating highest on corporate governance • ESG rating upgrade by MSCI to ‘AA’ and the category of ‘industry leader’ in Q4’24 , reflecting progress in sustainable finance initiatives, ESG due diligence, industry leading data privacy management and security, as well as business ethics practices • Initiated NZBA target setting process for carbon intense sectors, with the expectation to complete by May 2025 • ADCB Asset Management Limited (AAML) joined the UN Principles for Responsible Investment (UN PRI) as a signatory in September 2024, and developed a Responsible Investment Policy in line with PRI guidelines • Conducted over 11,000 hours of training in 2024 on ESG topics, covering net zero, green bonds and IFRS Sustainability reporting standards • Launched second Green Bond Report detailing the impact of the Bank’s Eligible Green Loan Portfolio. The report is independently assured in accordance with its Green Bond Framework, based on the International Capital Markets Association (ICMA) Green Bond Principles DIGITAL & ESG HIGHLIGHTS ADCB included in FTSE 4Good Index Series; MSCI ESG rating upgrade to ‘AA’ and ‘industry leader ’ category Note: For more information, please visit adcb.com/esg and adcb.com/esgreport (1) As at 31 December 2024 (2) Eligible Green Loan Portfolio composed of loans to corporates: AED 7,709 mn ( 62%) and retail mortgages: AED 4,684 mn (38%) 25 Surpassed our interim sustainable finance target of AED 50 bn by 2025, one year ahead of plan(1) ADCB ranksone of the highest byMSCI and Sustainalytics (AED bn) Eligible Green Loan Portfolio(2) Eligible Green Loan Portfolio continues to increase with sufficient buffer of assets over green issuances 2.05x increase in portfolio size Net proceeds of green bonds allocated (AED mn) (AED mn) 2023 2024 2024 portfolio 6,047 Additional buffer of assets 100% allocation of green bonds Up 105% 8,169 4,224 12,393 (2) 58.6 50 125 Progress 2021 – Q4'24 2025 Target 2030 Target 20 September 2024 4 November 2024 14.3 Low Risk 0-10 Negl. Low High SevereMed 10- 20 20- 30 30- 40 +40 23 December 2024 ESG score 3.7 14.3AAAbu Dhabi Commercial Bank1 17.3AABank 12 30.2AABank 23 21.9ABank 34 26ABank 45 11.6ABank 56 24.9ABank 67 26.2ABank 78 24.7ABank 89 26BBBank 910 30.4BBBank 10 11 35.1BBBank 1112 28.8BBBBank 12 13 26.6BBBBank 1314 23.4BBBBank 1415 27.1BBBBank 1516 31.2BBBBank 1617 27.5BBBBank 1718 30CCCBank 1819 27.4-Bank 1920 0 to 40+ (0=lowest risk)AAA to CCC MSCI Sustainalytics
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Fourth Quarter and Full Year 2024 Earnings Presentation 4. Operating environment
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Fourth Quarter and Full Year 2024 Earnings Presentation UAE: Oil price at a comfortable level for the UAE; Output forecast to increase with a baseline adjustment in 2025 27 OPERATING ENVIRONMENT Strong UAE macro economic fundamentals supporting positive business and consumer confidence Global: Further interest rate cuts priced in by the market, significant policy and inflation uncertainties US: Probability of a recession has diminished following continued resilience in activity % Source: Bloomberg, Federal Reserve, BoE, ECB, RBA, BoC, ADCB Economic Research Source: Bloomberg, ADCB Economic ResearchSource: NY Federal Reserve, Bloomberg, ADCB Economic Research % USD p/b (LHA), ‘ 000 b/d (RHA) UAE: PMI data remains in strongly expansionary territory in 2024 with supportive domestic demand backdrop UAE: Externally facing service sector performing strongly; Overall global growth relatively resilient UAE: Gross deposits continued to outpace credit growth in annual terms, supporting system-wide liquidity Source: S&P Global, ADCB Economic Research Source: Central Bank of the UAE, ADCB Economic Research(1) Twenty -foot equivalent units Source: DP World, ADCB Economic Research Index: A reading above 50 indicates an expansion TEU ‘000(1) (LHA); % change y -o-y (RHA) L-D Ratio (LHA); % change y -o-y (RHA) (2) 0 2 4 6 US Canada UK Australia Eurozone Benchmark Rate at the Start of 2022 Current Benchmark Rate as of 10th of October Market Priced Rate at end-2024 0 20 40 60 80 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 NY Fed Probability of Recession in the US (12-month ahead) 2.0 2.5 3.0 3.5 4.0 0 20 40 60 80 100 120 140 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 UAE Oil Production (RHA) Brent Crude (LHA) (5) 0 5 10 15 20 75 80 85 90 95 100 Sep- 18 Sep- 19 Sep- 20 Sep- 21 Sep- 22 Sep- 23 Sep- 24 Loan- to-Deposit Ratio (LHA) Gross Credit Growth, y- o-y (RHA) Deposit Growth, y- o-y (RHA) (15) (10) (5) 0 5 10 15 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 3Q'18 2Q'19 1Q'20 4Q'20 3Q'21 2Q'22 1Q'23 4Q'23 3Q'24 Jebel Ali Throughput Volume, TEU '000 (LHA) % change y- o-y (RHA) 30 35 40 45 50 55 60 65 70 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 PMI New Orders Business Activity
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Fourth Quarter and Full Year 2024 Earnings Presentation 5. Summary
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Fourth Quarter and Full Year 2024 Earnings Presentation Continued trajectory of accelerated growth (1) CoR: Net impairment charge on loans & advances and investments divided by net average loans & advances and investments (2) This statement represents a forward -looking projection and is subject to necessary approvals, including but not limited to board , regulatory, and shareholder approvals • Delivered on key FY ’24 guidance metrics • New board endorsed strategy sets ambitious targets for the next 5 years • Focus on accelerated growth of core businesses , complemented by investment in high potential opportunities • Digital and AI represent a key strategic priority to drive efficiency at scale • Strategy focused on core UAE market and banking relationships across regional & international economic corridors SUMMARY 29
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Fourth Quarter and Full Year 2024 Earnings Presentation 6. Appendix
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Fourth Quarter and Full Year 2024 Earnings Presentation Note: Figures may not add up due to rounding differences (1) Other assets include assets held for sale (2) Other liabilities include liabilities related to assets held for sale AED mn Dec’24 Dec’23 ΔYoY Cash and balances with Central banks, net 46,223 45,375 2% Deposits and balances due from banks, net 50,214 37,625 33% Financial assets at fair value through profit or loss 12,870 10,063 28% Derivative financial instruments 18,973 13,859 37% Investment securities, net 142,989 128,268 11% Loans and advances to customers, net 350,638 301,995 16% Investment in associates 329 371 (11%) Investment properties 1,716 1,741 (1%) Other assets, net (1) 20,005 18,960 6% Property and equipment, net 1,886 1,888 (0%) Intangible assets 6,972 7,049 (1%) Total assets 652,814 567,194 15% Due to banks 11,277 8,795 28% Derivative financial instruments 23,891 16,239 47% Deposits from customers 421,060 362,905 16% Euro commercial paper 6,153 7,778 (21%) Borrowings 88,687 76,653 16% Other liabilities (2) 26,179 23,571 11% Total liabilities 577,247 495,941 16% Total shareholders’ equity 75,562 71,247 6% Non-controlling interests 5 7 (29%) Total liabilities and shareholders’ equity 652,814 567,194 15% APPENDIX Balance sheet as at 31 December 2024 31
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Fourth Quarter and Full Year 2024 Earnings Presentation Note: Figures may not add up due to rounding differences (1) For the Bank, the UAE corporate tax of 9% commenced on and from 1 January 2024. Therefore 2023 comparisons are not on a like for like basis Quarterly trend Full-year trend AED mn Q4’24 Q4’23 ΔYoY FY’24 FY’23 ΔYoY Interest and income from Islamic financing 8,723 8,054 8% 33,734 28,251 19% Interest expense and profit distribution (5,218) (4,641) 12% (20,508) (15,877) 29% Net interest and Islamic financing income 3,505 3,413 3% 13,226 12,374 7% Net fees and commission income 722 577 25% 3,101 2,444 27% Net trading income 436 398 10% 2,064 1,593 30% Net gains/(losses) from investment properties 24 48 NM 27 46 NM Other operating income 779 226 NM 1,062 409 NM Non-interest income 1,962 1,249 57% 6,254 4,493 39% Operating income 5,467 4,662 17% 19,480 16,866 15% Staff expenses (886) (844) 5% (3,360) (3,064) 10% General administrative expenses (573) (539) 6% (2,258) (1,924) 17% Depreciation (92) (92) 0% (363) (378) (4%) Amortisation of intangible assets (13) (16) (22%) (51) (86) (41%) Operating expenses (1,565) (1,491) 5% (6,031) (5,453) 11% Operating profit before impairment charge & taxation 3,902 3,171 23% 13,448 11,414 18% Impairment charge (1,020) (1,162) (12%) (2,874) (3,477) (17%) Net gain on disposal of stake in subsidiary and fair value gain on retained interest – 490 NA – 490 NA Share in profit of associates 1 1 NM 11 (0) NM Profit before tax 2,884 2,500 15% 10,585 8,427 26% Income tax charge (311) (47) NM (1,166) (221) NM Net profit (1) 2,573 2,454 5% 9,419 8,206 15% APPENDIX Income statement for full year ended 31 December 2024 32
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Fourth Quarter and Full Year 2024 Earnings Presentation Click to view our reports ADCB Investor Relations adcb.com/annualreport Contact information For more information, please visit adcb.com/ir or contact ADCB Investor Relations at ir@adcb.com 2023 Annual Report adcb.com/cgreport 2023 Corporate Governance Report adcb.com/esgreport 2023 ESG Report