Abu Dhabi Islamic Bank reported a growth in Net Profit after tax of 32% for Q1 2024 to AED 1.45 billion from AED 1.1 billion in Q1 2023, reflecting a consistent trend of strong growth. Net profit before tax was AED 1.64 billion, up 41% versus Q1 2023.

Revenue for Q1 2024 improved by 24% to AED 2.5 billion compared to AED 2.0 billion last year due to supported by growth across all business segments and products.

Funded income grew by 19% to AED 1.7 billion compared to AED 1.4 billion last year, driven by higher volumes and better margins. Non-funded income grew by 35% to reach AED 827 million in Q1 2024 versus AED 611 million last year driven by 40% growth in fees and commissions. Non-funded Income contributes 33% to Operating Income versus 30% In Q1 2023.

Cost to income ratio was Improved by 5.3 percentage points to 30.4% versus 35.7% in prior year. This was predominantly driven by growth in Income and enhanced productivity.

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About ADIB

ADIB is a leading bank in the UAE with AED 195 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day.
ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has a strong presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Qatar, and Iraq.

Named World’s Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.