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| 15 July, 2018

ADIB posts $155.9mln net profit in Q2

Bank attributed the first-half profit increase to the stable revenues

Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank. Image for illustrative purposes.

Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank. Image for illustrative purposes.

ADIB/Handout via Thomson Reuters Zawya

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) on Sunday reported a 3.8% year-on-year increase in net profits for the second quarter of 2018.

The lender's net profits amounted to AED 572.7 million in the period between April to June, compared to AED 551.6 million in Q2-17, according to the bank’s statement to Mubasher.

The group’s net revenues declined 3.1% recording AED 1.36 billion in Q2-18, from AED 1.4 billion in the corresponding period of the prior year.

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As for the first half of 2018, the Abu Dhabi-based Islamic bank added that its net profits levelled up 3% year-on-year to AED 1.16 billion.

The bank attributed the first-half profit increase to the stable revenues, amid a challenging environment, disciplined cost management as well as lower cost of credit, the statement showed.

By 30 June, total assets of the Abu Dhabi-listed bank registered AED 122.9 billion, up 0.6% from the year-ago period.

Moreover, customer deposits grew 1.2% to AED 101.2 billion during the first six months of 2018, from AED 100 billion in the corresponding period of 2017.

In Q1-18, ADIB’s profits rose 2.2% year-on-year to AED 590.4 million.

By 01:26 pm UAE time, ADIB’s stock went down 1.03% at AED 3.84.

Source: Mubasher

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