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Mon 23 Oct 2017 01:23 PM

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Abu Dhabi's ADIB says net profit up by 13% to $460m

Abu Dhabi Islamic Bank also reports nine-month revenue increase of 4%

Abu Dhabi's ADIB says net profit up by 13% to $460m
Abu Dhabi Islamic Bank branch at Al Wahda Mall, Abu Dhabi (Image: Mall website)

Abu Dhabi Islamic Bank (ADIB) has announced that its net profit for the first nine months of 2017 rose 13 percent year-on-year to AED1.69 billion ($460 million).

Net profit for the third quarter of 2017 also rose by 10.8 percent compared to the year-earlier period, the bank said in a statement cited by state news agency WAM.

Revenues increased by four percent for the first nine months of 2017 to AED4.20 billion driven by growth in fees, FX and investment income, it added.

Customer deposits increase by 0.5 percent year-on-year to reach AED99.1 billion at the end of September, making ADIB one of the most liquid banks in the UAE, with advances to deposits ratio of 77.5 percent.

"Our third quarter results provide a good summary of where ADIB stands today, a growing bank that is attracting new customers based on a high-quality banking experience and trusted corporate values which place customers' needs first," said Khamis Mohamed Buharoon, ADIB's vice chairman and acting CEO.
"In Q3, ADIB has continued to deliver strong growth in revenues and making good progress in managing costs. This has resulted in a healthy 10.8 per cent year-on-year increase in our net profit in the third quarter of the year."

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