Abu Dhabi Islamic Bank’s (ADIB) net profit soared to AED1 billion in the July-September 2022 quarter, a jump of 105 percent from the AED493 million in the same year-ago period.
The bank also registered a 53 percent increase in the net profit for the first nine months of this year to AED2.45 billion from AED1.6 billion in the corresponding period of 2021, reflecting strong top-line growth across all key businesses.
Revenue for the first nine months of 2022 improved 10 percent to AED4.5 billion compared to AED4.09 billion in the corresponding period of last year.
The bank’s revenues during the period were driven by 22 percent increase in fees and commissions and 10 percent growth in funded income to AED2.8 billion.
Its total assets increased 10 percent year-on-year to reach AED147 billion, driven by 16 percent growth in gross financing and 42 percent in investments.
Customer deposits rose 11 percent year-on-year to AED119 billion from strong current and savings accounts (CASA).
Jawaan Awaidah Al Khaili, chairman of ADIB, said the bank was pleased to report its best quarterly results ever.
“Our initiatives to diversify our income, expand into new segments while managing asset quality and improving our costs served us well to deliver a record ROE of 19.6 percent,” he said.
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