Abu Dhabi Islamic Bank (ADIB), the UAE’s second largest Islamic bank, on Sunday reported a quarterly loss of AED 623.3m ($169.7m) after setting aside more money for provisions.
The lender made a profit of AED114.4m in the year earlier period compared to a net loss of AED623.3m for the same period the previous year, according to a company statement.
The group’s operating profit increased by 16.5 percent to AED1.53bn during 2009, it said.
“Last year was an extraordinary year for financial services and the global economy, and like many others the impact of the economic downturn also affected some of our customers,” Tirad Mahmoud, ADIB’s CEO said.
Last week, the lender said it would consider lifting a ban on foreign ownership, sending its share to its highest close in more than two months. The Islamic lender said it would discuss the move, which would allow non-UAE nationals to own 25 percent of the banks stock, at a board meeting on Sunday.
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