Abu Dhabi, UAE:
Abu Dhabi Islamic Bank (ADIB), a leading Islamic bank in the region, delivered strong recovery of 73% growth in net profit in H2 2020 compared to H1 2020 despite the continuing macroeconomic effects of the COVID-19 pandemic. This was driven by a 10% increase in revenues due to a rebound in the UAE economic activity and an improvement in business momentum. The Bank reported a net profit of AED 1.6 billion for the full year 2020 compared to AED 2.6 billion last year.
Profitability was lower year-on-year reflecting unprecedented market conditions, record low rates and the pandemic-driven economic slowdown. The Bank continued to exercise a rigorous approach to cost which resulted in a reduction of 7.7% year on year in operating expenses; achieved by the successful implementation of technology-led initiatives that helped to reduce the cost of sales and customer acquisition while also streamlining internal processes. ADIB demonstrated balance sheet strength ending the year with solid liquidity, funding, and capital ratios.
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