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Abu Dhabi Islamic Bank posted a 45% jump in Q2-2022 net profit to 726 million dirhams ($198 million) driven by higher revenues, improved operating efficiency and lower impairments compared to the previous year.
The result beat the AED 694 million mean analysts’ forecast, according to data provider Refinitiv.
Total operating income was AED 1.43 billion versus AED 1.31 billion y-o-y, the Abu Dhabi ADX listed lender said in a filing on Wednesday.
The net impairment charge for the quarter fell 51% year-on-year to AED 114 million, reflecting an improved economic environment.
For H2 2022, the bank's net profit grew 30% to AED 1.4 billion compared with AED 1.1 billion in H1-2021, driven by a 7% increase in revenues and a 0.2% decrease in expenses.
Customer deposits amounted to AED 115 billion as of 30 June 2022, up 10% from 30 June 2021 as CASA deposits increased by 8% to AED 87 billion making up over 75% of total customer deposits, Abu Dhabi’s biggest shariah-compliant lender said.
(Reporting by Brinda Darasha; editing by Seban Scaria)
