[ad_1]
Mr Hayford said this showed the lending strategy was working and providing a better return on investment.
He said the bank’s 2023 results showed great progress in executing its strategy, adding that the bank had achieved growth in several key indicators, indicating overall good performance.
TBL chairman Hayford highlighted this impressive performance while presenting the bank’s annual report for the financial year ending December 31, 2023 at the bank’s annual general meeting (AGM) held at the Ocean Bay Hotel in Cape Bakau.
“The increase in pre-tax profit from Dh248 million to Dh259 million may seem modest but still shows a positive trend,” he said, adding: “Group profit was impacted by a Dh10 million loss in 2023 from subsidiary Bayba Financial Services, but overall the group managed expenses well while improving revenue streams.”
He further said that the bank’s total assets increased from AED10.4 billion to AED11.5 billion, attributed to organic growth in existing businesses, loan quality and favourable market conditions.
He said the increase in deposits from Dh9.2 billion to Dh10 billion was a positive sign that the group was attracting more funds from customers, reflecting growing customer confidence, successful marketing approaches and their strength in expanding outreach and branch network.
“Overall, the group’s financial performance was strong, with growth in key performance indicators such as revenue, profitability, asset base and customer deposits,” he said. “Management deserves credit for overseeing strong performance across financial metrics. Their decision-making and solid operational execution have clearly contributed to the group’s growth in 2023.”
However, he said the global economy was affected by uncertainty, although there were also some positive trends and factors that could influence its development trajectory.
He noted that technological advances such as artificial BroadCast Unitedligence, automation and digitalization have dramatically transformed industries and job markets, thereby boosting productivity.
“While there are potential challenges and uncertainties ahead, there are also opportunities for innovation, collaboration, and sustainable development that could help make the global economy more resilient in 2024 and beyond,” he said.
Chairman Hayford noted: “However, significant risks remain, notably from ongoing geopolitical developments. The International Monetary Fund (IMF) has revised its global growth forecast to 3.1% for both 2023 and 2024. This is below the historical average of 3.8% and is attributable to stronger growth in the United States and other large emerging market economies.”
[ad_2]
Source link
