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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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