Abu Dhabi Islamic Bank posts 57% profit rise

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PROFITS BOOST: Abu Dhabi Islamic Bank has posted a 57 percent rise in third quarter net profit. (Getty Images)

Abu Dhabi Islamic Bank posted on Monday a net profit of 216.5 million dirhams ($58.96 million) in the third quarter, up 57.8 percent from the same period last year.

The bank made 736.7 million dirhams in the nine months ended September 30, versus 483 million dirhams a year earlier, it said in a statement on Monday.

The bank posted nine-month earnings per share (EPS) of 0.374 dirhams versus EPS of 0.265 dirhams in the same period in 2007.

"It is all core business, the normal sources of core income," chief executive Tirad Mahmoud said. "We don't expect surprises in the fourth quarter …… positive or negative," he added without elaborating.

The bank posted nine-month earnings per share (EPS) of 0.374 dirhams versus 0.265 dirhams in the same period in 2007.

Total assets of the bank grew 19.8 percent to 49.11 billion at the end of September 2008 compared to 40.98 billion in the corresponding period of 2007.

Islamic financing increased 41.2 percent during the nine month period to 32.08 billion compared to the same period last year. Customer deposits advanced 18.1 percent to 33.65 billion ending September 2008 while shareholders' equity edged up 9.8 percent to 5.59 billion for the same period.

"Our third-quarter results show a healthy, structured growth. We have no exposure to the subprime market, which has sheltered ADIB from much of the turbulence we have seen recently on the international stage," Mahmoud said in a statement.

"Our liquidity remains excellent due to our prudent balance sheet management, adherence to Central Bank guidelines and comprehensive customer offerings," he said. (Reuters)

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