Abu Dhabi Islamic Bank (ADIB) has registered a net profit of AED2.3bn for the year ended 31 December 2017, an increase of 17.7% compared to AED1.95bn last year.

The bank attributed the surge in net profit to higher income from fees, foreign exchange, investments and reduction in cost of credit.

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The bank’s revenue for the year stood at AED5.63bn, an improvement of 4.6% over AED5.38bn in 2016.

During the year, the group’s credit provisions and impairments dipped by 18.5% year-on-year to AED790.4m as against AED970m a year ago.

As at 31 December 2017, ADIB’s total assets stood AED123.3bn, a marginal rise of 0.8% from AED122.3bn at the end of 2016.

The Islamic banking group said its net customer financing during the year fell by 2.1% to AED76.5bn from AED78.2bn at the end of 2016.

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The bank’s customer deposits grew to AED100bn from AED98.8bn at the end of 2016.

As at 31 December 2017, the group’s capital adequacy ratio under Basel II was 16.71% versus 15.25% at the end of 2016.

The capital adequacy ratio under Basel III is at 17.02% at 31 December 2017.

Commenting on the performance, ADIB vice chairman and acting CEO Khamis Buharoon said: “We had a great year in 2017, with net profit rising nearly 18% to AED2.3bn. ADIB experienced robust growth across our businesses, while we maintained a disciplined approach to cost and risk management.

“During the year, we welcomed approximately 62,000 new customers with a strong offering of products and services, easily accessed through digital platforms. The solid performance has permitted ADIB’s Board of Directors to recommend a cash dividend payout of 39.76% of the year’s net profit, while still allowing for continued significant reinvestment in the future growth of our businesses.”