Abu Dhabi Islamic Bank (ADIB) has reported a net profit of AED482m ($131.2m) for the first quarter of 2016, a 6.9% increase compared to AED450.8m in the year-ago quarter.
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Net revenues for the quarter stood at AED1.31bn, a rise of 7.6% from AED1.22bn a year earlier.
Credit provisions and impairments increased 6.7% year-on-year to AED216.2m from AED202.6m, the UAE-based lender said.
The bank’s total assets reached AED119.2bn as of 31 March 2016, up by 4.5% from AED114.1bn at the end of 31 March 2015. Customer deposits were AED96bn, a rise of 9.6% from AED87.6bn in the prior year.
ADIB group CEO Tirad Al Mahmoud said: "The prevailing regional and global economic environment has meant that ADIB continues to operate in very challenging conditions.
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By GlobalData"However, while we fully recognizing these challenges, ADIB has maintained its focus on implementing its robust long-term growth strategy and delivering the levels of customer service that have become synonymous with our brand by adapting how we manage our business."
