Executive Summary FY 22 Results
Costs firmly controlled, focus on future growth
Cost to Income Ratio (%)
34.8
33:5
30.8
Q4 21
30.8
Q1 22
CI Ratio (YTD) CI Ratio (QTD)
Operating expenses trends
(All figures are in AED mn)
+26%
28.7
28.2
26.7
29.1
28.5
27.4
Q2 22
Q3 22
Q4 22
Upper Guidance range
2,858
2,272
2,327
857
1,965
2,078
Other Cost
499
625
457
219
IT & Commun.
400
177
182
268
156
175
255
Dep. & Amort.
236
217
208
Staff Cost
1,229
1,192
1,238
1,396
1,514
Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Key Highlights
FY22 cost to income ratio at 28.5% within guidance reflecting stronger
income enabling accelerated investment for growth
Staff costs increased y-o-y on incentives to drive underlying earnings and
investment in human capital for future growth in digital and international
Higher depreciation and amortization costs reflect increased investment in
digital platforms
Other costs increased due to seasonality, campaigns and professional fees
Operating expenses composition (%)
Breakdown as of FY22
0
Staff 58%
Depreciation 8%
Amortization 2%
Other 13%
IT 5%
Occupancy 3%
Equip. & Supp. 3%
Commun. 3%
Service & Legal 3%
Marketing 2%
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