Abu
Dhabi Islamic Bank (ADIB) has posted a record quarterly net profit
of AED314.5m ($85.6m) in the third quarter, 31.3% up on the
corresponding period a year ago.
It was
also the third consecutive quarter in which net earnings
increased.
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ADIB’s
retail deposits grew 29.3% to AED54bn while lending increased by
20.4% to AED47.2bn.
The
Bank’s cost-to-income ratio of 37.5% in the quarter represented a
reduction of 20 basis points from the previous
quarter.
“Both
our retail and wholesale banking franchises had a particularly good
quarter on the back of their focus on quality asset growth,” said
Tirad Mahmoud, ADIB CEO.
The
bank has rolled out 10 new branches this year, bringing its network
up to 60 outlets.
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