Abu Dhabi, UAE :

Abu Dhabi Islamic Bank (ADIB), a leading Islamic bank in the region, reported a strong first quarter for 2021 positioning the bank for a period of sustained growth in 2021. Net Profit surged in Q1 2021 by 125% to AED 608 million compared to AED 270 million in Q1 2020 and by 26% compared to Q4 2020. The growth in net profits reflects the strong underlying performance across the business.

Revenue increased 3.3% to AED 1,336 million versus AED 1,292 million in the same period last year with non-funding income growing by 30% offsetting the impact of low rate environment. Operating Expenses were reduced by 7% year-on year due to the successful implementation of technology-led initiatives that helped reduce the cost of sales and customer acquisition while also streamlining internal processes.  ADIB consistently demonstrated balance sheet strength with assets growing by 6.5% mainly due to a growth in customer financing by 5% compared to Q1 2020.

Read the full report here.

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About ADIB:

ADIB is a leading bank in the UAE with more than AED 130 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 presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan 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.

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For media information, please visit www.adib.ae  or contact:
Lamia Hariz                                                                           
Head of Public Affairs and Corporate Communications                                    
Email: lamia.hariz@adib.com           

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