ADIB second-quarter profits jump 9% to Dh552m

24/07/2017 06:14 AST

Abu Dhabi Islamic Bank (ADIB) reported on Sunday an 8.7 per cent increase in net profits for the second quarter of 2017 that reached Dh551.6 million driven by lower expenses and provisions.

The figure puts net profits for the first half of 2017 at Dh1.1 billion, up 14 per cent over the Dh989.5 million recorded in the same half of 2016.

Meanwhile, total revenues reached Dh1.41 billion in the second quarter, a 3.9 per cent year-on-year jump. Revenues for the first half of this year were at Dh2.78 billion, marking a 4.1 per cent gain over the Dh2.67 billion recorded in the first half of 2016.

ADIB said the rise in revenues was driven by an increase in the number of customers, and growth in fees and FX income.

"Revenues increased, most notably in areas related to cards, wealth management, Takaful products, and FX income, and our balance sheet strengthened with further improvements in liquidity, coupled with solid capital ratios," said Khamis Buharoon, vice chairman and acting chief executive officer at ADIB.

He added in the bank's management report, "These results were underpinned by a control on expenses, an improved cost of credit, and a customer-centric strategy."


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