Abu Dhabi, UAE: Abu Dhabi Islamic Bank (ADIB), a leading Islamic bank in the region, delivered strong financial results for H1 2021.
Net Profit surged 89% year-on-year to AED 1,109 million from AED 588 million in H1 2020. The growth in net profit reflects the strong underlying performance across the business supported by a 3.4% growth in total Revenue to AED 2,644 million compared to AED 2,557 million in the same period last year. Growth in revenue was driven by an increase in non-funding income of 19%, boosted by a 11% improvement in fee income.
The financial results were also supported by an 8% decline in Operating Expenses with cost to income ratio improving 5% 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 continued to demonstrate strengths and depths in its balance sheet with a 5% year-on-year increase in total assets, driven by a 7% growth in deposits and a 3% growth in gross customer financing compared to H1 2020.
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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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© Press Release 2021