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Sun 14 Feb 2010 04:16 PM

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ADIB takes $170m loss in Q4 2009

But UAE’s second largest Islamic bank sees group operating profit up 16.5% overall in 2009.

ADIB takes $170m loss in Q4 2009
DARK QUARTER: ADIB recorded a significant loss in the final quarter of 2009, after setting aside more money for provisions.

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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aslamk 10 years ago

Banks are playing enough with easy cash. I fail to understand why do ADIB charge 1/2 yearly charges to innocent clients whereby the services are similar to other common banks. When it comes losses every one make noise !