Customer-centric strategy boosts ADIB during Q3
abu dhabi — Abu Dhabi Islamic Bank (ADIB) Group delivered a solid set of results for the first nine months of 2017, with net profit up 13 per cent year-on-year to Dh1,693 million, and up 10.8 per cent to Dh563.9 million in thie third quarter of 2017.
Revenues increased by four per cent for the first nine months of 2017 to Dh4,204.4 million driven by growth in fees, forex and investment income. Given the uncertainties in the macroeconomic environment, ADIB has maintained its conservative approach on credit extension and capital management. This led to a yearon-year decrease of 2.3 per cent in customer financing assets to Dh76.8 billion at the end of September 31, 2017.
ADIB’s customer-centric strategy continued to deliver an awardwinning banking experience to over 969,000 customers through a large branch network and market-leading digital channels. This has seen customer deposits increase by 0.5 per cent year-onyear to reach Dh99.1 billion at the end of September 30, 2017. As a result, ADIB remains one of the most liquid banks in the UAE, with advances to deposits ratio of 77.5 per cent.
“Our third-quarter results provide a good summary of where ADIB stands today, a growing bank that is attracting new customers based on a high-quality banking experience and trusted corporate values which place customers’ needs first,” said Khamis Mohamed Buharoon, ADIB vicechairman and acting CEO. “In Q3 2017, ADIB has continued to deliver strong growth in revenues and making good progress in managing costs. This has resulted in a healthy 10.8 per cent yearon-year increase in our net profit in the third quarter of the year.”
— business@khaleejtimes.com