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Tue 11 Oct 2016 02:05 PM

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Abu Dhabi's ADIB expects H2 earnings to match first half of 2016

Chief executive of Abu Dhabi Islamic Bank also says loan growth will likely remain in single digits

Abu Dhabi's ADIB expects H2 earnings to match first half of 2016
Abu Dhabi Islamic Bank branch at Al Wahda Mall, Abu Dhabi (Image: Mall website)

The chief executive of Abu Dhabi Islamic Bank (ADIB) expects the bank's earnings performance in the second half of this year to be similar to the opening six months of 2016.

The bank reported a 6.9 percent increase in profit in the first quarter of 2016, but its earnings only grew by 1 percent in the three months to June 30.

Tirad al-Mahmoud also told Reuters in an interview on Tuesday that loan growth would likely remain in single digits in both 2016 and 2017, and that the bank had no capital-raising plans.

The emirate's largest Islamic bank will look at a number of overseas expansion opportunities from 2017 onwards, with Turkey, Algeria and Saudi Arabia among the markets that ADIB would be interested in, Mahmoud added.

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