Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) achieved a 53% year-on-year (YoY) hike in net profit to AED 3.75 billion during the first nine months (9M) of 2023, versus AED 2.45 billion.
Total operating income widened by 48% to AED 6.69 billion in January-September 2023 from AED 4.51 billion in 9M-22, according to the financial results.
Basic and diluted earnings per share (EPS) enlarged by 49% YoY to AED 0.91 in 9M-23 from AED 0.61.
The total assets hiked by 25% YoY to AED 184 billion as of 30 September 2023, while the customer deposits jumped by 28% YoY to AED 152 billion from AED 138 billion.
Financial Statements for Q3-23
In the third quarter (Q3) of 2023, the UAE lender logged net profits amounting to AED 1.42 billion, higher by 41% than AED 1.01 billion.
Total operating income surged by 45% to AED 2.43 billion in Q3-23 from AED 1.67 billion in Q3-22.
Jawaan Awaidah Al Khaili, Chairman of ADIB, commented: “ADIB's return on equity reached 26% reflecting the success of the group’s diversified business model and a healthy and resilient local economy.”
“Our ability to deliver strong business momentum is the result of our solid capital position, diversification of our revenue streams with double-digit growth in both our funded and non-funded income,” Al Khaili continued.
Mohamed Abdelbary, Group Chief Financial Officer of ADIB, said: “Despite high rates, asset quality remained strong with an improvement in our non-performing asset ratio to 6.60% which is the lowest since Q1-20 due to active management of legacy portfolio coupled with strong underwriting standards.”
In the six-month period that ended on 30 June 2023, the ADX-listed bank posted 61% higher net profits at AED 2.32 billion, versus AED 1.44 billion a year earlier.
