|13 February, 2020

ADIB registers profit in 2019

Operating profit increased by 4.4% YoY

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

REUTERS/Hamad I Mohammed

Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) reported a 4% year-on-year profit hike during the fiscal year 2019.

The bank’s net profit went up to AED 2.6 billion ($710 million) last year, compared to AED 2.5 billion ($680 million) a year earlier, according to a statement released on Wednesday.

Operating profit increased by 4.4% YoY to AED 3.26 billion, driven by growth in customer financing, investment income, and foreign exchange income.

“Our 2019 earnings...marked a steady finish to 2019 in which we increased revenue across our core businesses while maintaining strong expense discipline throughout the organization,” ADIB’s group CEO Mazin Manna commented.

Group net revenues grew by 2.5% YoY to AED 5.9 billion in 2019, compared to the year-ago period. ADIB’s total assets reached AED 125.9 billion at the end of December 2019, up 0.6% YoY versus the year before.

“ADIB will continue to invest in areas where we see opportunities for customer growth, particularly through a concerted focus on enhancing our digital banking services. We have a five-year strategic plan that will make ADIB a stronger, more efficient, better-structured bank,” Manna said.

It is worth highlighting that over the first nine-month of 2019, the bank’s net profit rose by 5.6% at AED 1.850 billion from AED 1.752 billion a year earlier.

Source: Mubasher

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