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Sun 4 Feb 2018 05:26 PM

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Abu Dhabi's ADIB posts record net profit in 2017

Bank's AED 2.3 billion net profit figure is up nearly 18 percent from a year earlier

Abu Dhabi's ADIB posts record net profit in 2017
Abu Dhabi Islamic Bank branch at Al Wahda Mall, Abu Dhabi (Image: Mall website)

Abu Dhabi Islamic Bank (ADIB) has reported a record net profit in 2017 on the back of higher income from fees, foreign exchange, investments and a reduction in the cost of credit.

The AED 2.3 billion net profit figure is up 17.7 percent from 2016, stemming from a strong fourth quarter, in which net profit rose by AED 607.2 million, up 33.4 percent from over the same period a year earlier.

ADIB’s revenue increased by 4.6 percent to AED 5.6 billion, on the back of lower credit provisions and impairments in 2017 which decreased by 18.5 percent from a year earlier.

Customer deposits also grew 1.2 percent from 2016 to reach AED 100 billion.

ADIB’s board has recommended a 28.87 percent cash dividend for 2017, representing 39.76 percent of full year net profit for the year. 

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