Digital platforms boost ADIB’s customer base

abu dhabi — Net revenues at Abu Dhabi Islamic Bank (ADIB) Group rose 4.9 per cent Dh5.39 billion in 2016, as the lender’s customers continued to grow thanks to its digital platforms.

Total assets increased 3.3 per cent to Dh122.3 billion, while net profit was up one per cent to Dh1.95 billion.

ADIB’s investment in digital platforms, to complement its extensive branch network, helped achieve a 4.9 per cent growth in customer numbers to over 920,000 over the year. Customer deposits increased 4.1 per cent to Dh98.8 billion. The board of directors has recommended the distribution of a 24.52 per cent cash dividend for 2016, which represents 39.8 per cent of full-year net profits for 2016.

Tirad Al Mahmoud, chief executive officer of ADIB, said: “Thanks to our innovative product offering, and investment in digital channels, ADIB has continued to attract customers at a time when competition in the banking industry has intensified. Our financial results demonstrate our robust strategy and our awardwinning level of customer service. We continued to follow a positive growth trajectory, achieving a five per cent year-on-year growth in revenues, which is considered

ADIB has continued to attract customers at a time when competition in the banking industry has intensified

Tirad Al Mahmoud, chief executive officer, ADIB

among the highest revenue growth within the banking industry in the UAE.”

ADIB is undertaking several initiatives to become the customers’ most-favoured digital bank. It will soon launch an Internet-only bank platform to give young professionals a community to discuss and explore issues related to personal finance and life choices.

“Our solid revenue and net profit growth were supported by a cautious strategy on managing risks and costs. The bank’s balance sheet remains robust, with capital and liquidity ratios strengthening during 2016, as we continued to attract customer deposits,” Al Mahmoud said.

— alvin@khaleejtimes.com