Govenment-owned Islamic lender makes net profit of $120m last year on back of strong asset growth
Abu Dhabi government-owned Al Hilal Bank said its 2013 net profit jumped 42 percent on the back of strong asset growth.
The Islamic lender, owned by Abu Dhabi Investment Council, made a net profit of AED441.4 million ($120.16) in 2013 compared to AED310.3 million in the prior year, a statement from the bank said on Wednesday.
"The significant net profit upsurge for the full year of 2013 is largely attributed to growth in assets along with improvement in asset quality and liability mix," the statement said.
Deposits increased 13 percent to AED28.2 billion while financing advanced 18.3 percent to AED27.1 billion.
Total assets grew 20 percent to touch AED38.71 billion in 2013.
The five year-old bank plans to open two new branches in the United Arab Emirates this year taking the total to 24 branches that include three overseas branches in Kazakhstan.
Oil-rich Abu Dhabi is the capital of the UAE. In September last year, unlisted Al Hilal issued its debut sukuk worth $500 million.