Islamic Finance

Abu Dhabi Islamic Bank posts 5.2% increase in quarterly profit

Abu Dhabi Islamic Bank posted a 5.2% rise in third-quarter profit compared to the same period a year earlier.

The bank earned 620 million dirhams ($168.82 million) in net profit for the three months ending September 30 versus 589.5 million dirhams in the corresponding quarter in 2018, it reported in an exchange filing on Sunday (November 10).

ADIB said in a statement that it implemented a number of savings initiatives whose financial benefits have been partially offset by investments in new digital and strategic initiatives to attract new customers.

The Shariah-compliant bank said its credit provisions and impairments rose by 20.8% to 207.5 million dirhams.

The bank’s assets dipped 0.7% to 124.3 billion dirhams ($33.85 billion) at September 30 from end-December 2018.

ADIB also reported a dip in assets of 0.4% to 124.7 billion dirhams for the first six months of this year.

Net customer financing increased by 0.7% to 79.2 billion dirhams from 78.7 billion dirhams at the end of last year.

Customer deposits were flat at 100.4 billion dirhams.

ADIB is the UAE’s second largest standalone Islamic bank by assets after Dubai Islamic Bank that reported 229.962 billion dirhams in assets at September 30.

($1 = 3.6725 Emirati dirhams)

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