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Abu Dhabi Commercial Bank's brand value increases by 8.7 in 2023

Abu Dhabi Commercial Bank's brand value surges over 8% in 2023
21 Apr 2024 17:11

ABU DHABI (WAM)

Abu Dhabi Commercial Bank's (ADCB) brand value increased by 8.7 percent over the last year to reach Dh10.5 billion, according to the 2024 Banking 500 report from Brand Finance.

Consequently, ADCB moved up four places to rank 109th in Brand Finance’s latest report on the top 500 banking brands globally.

Additionally, Group CEO, Ala’a Eraiqat, was recognised amongst the world’s top 10 bank CEOs for Brand Guardianship while ADCB being the only financial institution from the region to be represented in this top 10 global list.

Notably, Brand Guardians are CEOs who are sustainably building business value by balancing the needs of all stakeholders including employees, investors, and the wider society.

ADCB also maintained its AA+ Brand Strength Ranking, with a Brand Strength Index (BSI) rating of 78 percent, up from 76 percent in 2023, driven by solid familiarity and consideration scores both for the sector and in comparison to other regional competitors.

It is worth noting that ADCB ranks the highest in the UAE in the familiarity and consideration metrics. Strategic partnerships and digital initiatives, coupled with a continued focus on exceptional customer experience propelled ADCB's growth and brand value over the last 12 months.

Senior Director at Brand Finance, Savio D'Souza, commented, “ADCB is continuing to solidify its reputation as a financial powerhouse in the UAE, as evidenced by promising improvements across key metrics in this year’s ranking. The bank’s robust growth is fuelled by its strong financial position, while its distinguished record of innovation, digital transformation initiatives, and steadfast leadership in climate action have further bolstered its performance and global standing. These initiatives enhance loyalty amongst current stakeholders while strategically positioning ADCB to attain new, ambitious targets.”

ADCB has also enhanced its brand strength and reputation through its commitment to ESG, according to Brand Finance data.

The bank scores the highest amongst UAE banks on all three ESG metrics, “committed to environment", "committed to social aspects", and “well managed and well governed.”

In November of last year, the Bank showed regional leadership when it joined the global Net Zero Banking Alliance (NZBA) and tripled its sustainable finance commitment to AED 125 billion by 2030.

This followed the integration of sustainability into ADCB’s five-year corporate strategy, with full Board oversight.

As part of ADCB’s focus on building a future-ready bank, it continues to invest significantly in its long-standing digital transformation programme driving scalable growth, higher productivity and enhanced customer engagement, all of which will continue to enhance the value and strength of ADCB’s brand.

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