Abu Dhabi Islamic Bank is so pleased with its first-quarter that it described its performance as “resurgent” twice in a statement on Sunday (May 2).
Net profit for January through March increased 125.3% to 607.6 million dirhams ($165.45 million) compared to 270 million dirhams for the same quarter last year.
Q1 profit was also up from the preceding quarter, by 26%.
The bank said a rebound in UAE economic activity and an improvement in business momentum lifted its revenues by 3.3% to 1.336 billion dirhams compared to 1.292 billion for the first-quarter last year.
Profits were further buoyed by a 6.8% fall in operating expenses to 592 million dirhams, which ADIB partly attributed to improved productivity due to its digital strategy.
Impairment charges dropped by 65.5% to 133.5 million dirhams, reflecting improvements in the micro- and macro- economic outlook, said the bank.
On the balance sheet, assets went up by 6.5% to 130.7 billion dirhams compared to the first-quarter of 2020.
Gross customer financing of 87.21 billion dirhams was 5.5% higher year-on-year.
Customer deposits were also up year-on-year, by 4.3% to 103.07 billion dirhams. The bank added over 87,000 new customers in the 12 months through Q1 2021.
ADIB chairperson Jawaan Awaidah Al Khaili said the bank believes it is well-positioned for a period of sustained growth this year, despite ongoing uncertainties, due to government stimulus measures, COVID vaccine rollout, and positive consumer sentiment around a potential end to the pandemic.
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