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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData