It reached 1.6 billion dirhams
43% growth in Abu Dhabi Islamic net profit during 9 months
The total assets of the bank amounted to 133.4 billion dirhams.
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Abu Dhabi Islamic Bank announced yesterday its financial results for the first nine months of this year, achieving a net profit of 1.602 billion dirhams, an increase of 43% on an annual basis, compared to 1.121 billion dirhams, during the same period last year.
The bank stated, in a statement, that total revenues increased by 4%, to reach 4.093 billion dirhams from the beginning of 2021 until the end of last September, compared to 3.933 billion dirhams, during the same period in 2020.
He pointed out that the successful implementation of cost initiatives and the effectiveness of the digital strategy, led to an improvement of 7.6% in operating expenses, to reach 1.729 billion dirhams, during the first nine months of this year, as this led to an improvement in the cost-to-income ratio by 535 basis points to 42.2%, compared to the same period last year.
Net financing proceeds amounted to 2.544 billion dirhams, an increase of 2% over 2.496 billion dirhams, due to the growth of customer financing activities.
Total assets amounted to 133.4 billion dirhams for the period ended September 30, 2021, an increase of 4.9%, compared to September 30, 2020, while maintaining a strong asset base.
Total customer financing increased by 2.5% to reach AED 89.1 billion, which was mainly driven by the 6% growth in corporate finance.
Customer deposits amounted to AED 107 billion on September 30, 2021, with an increase of 6.2%, in parallel with the growth of current account deposits, savings accounts and short-term investment deposits by 12.4%, to reach AED 97.7 billion, which currently constitutes 91% of the total customer deposits.
“The recovery from the pandemic continues to drive positive customer sentiment, as evidenced by our strong performance for all business units,” said Joaan Awaidah Suhail Al Khaili, Chairman of the Board of Directors of Abu Dhabi Islamic Bank.
He added, "ADIB's strong financial performance reflects the continued success of our growth strategy, and our ability to adapt to a challenging environment," stressing that the bank is focusing on the priorities it identified as part of the five-year strategic review.
In turn, the Group Chief Financial Officer, Mohamed Abdel Bari, said, “ADIB continued to achieve strong revenue growth by 5%, driven by the increase in customer financing and other sources of income other than financing activities, such as fees, commissions and investment income, which led to a growth in net profits. By 43% in the first nine months on an annual basis, which achieved returns on equity that reached nearly 13.0%.
• 4 billion dirhams, the total revenues of the bank, an increase of 4%.
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