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.
"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."
