ADIB’s profit surges 19.8% in Q1
abu dhabi — The Abu Dhabi Islamic Bank (ADIB) Group on Monday said its 2017 first-quarter net profit surged 19.8 per cent to Dh577.5 million from Dh482 million in the same quarter last year despite challenging macroeconomic environment in the country.
In a statement, the Abu Dhabi-based Islamic lender said this performance was underpinned by 4.3 per cent increase in total revenues for the quarter to Dh1.37 billion driven by increase in number of customers and growth in fee and forex income coupled with control on expenses. The bank said it has sustained a conservative approach on credit extension and capital management, which led to a year-on-year decrease of 1.2 per cent in customer financing assets to Dh77.3 billion at the end of March 31, 2017.
The bank further said it’s customer-centric strategy continued to serve over 938,000 customers across all major segments through a large branch network and market-leading digital channels. This has seen customer deposits increase by 5.2 per cent year-onyear, crossing the Dh100 billion mark for the first time to reach Dh101.0 billion at the end of March 31, 2017. “ADIB remains one of the most liquid banks in the UAE, with advances to deposits ratio of 76.6 per cent,” according to the statement.
The bank said its credit provisions and impairments for 2017 first quarter decreased by 24 per cent to Dh164.4 million as against Dh216.2 million in same quarter last year.
The bank’s total assets rose 2.8 per cent to Dh122.5 billion in January-March 2017 quarter.
— business@khaleejtimes.com