Abu Dhabi Islamic Bank reports 5.2 percent increase in Q3 net profit to AED620 million

ABU DHABI, Abu Dhabi Islamic Bank reported on Sunday a 5.2 percent increase in Q3 net profit to AED620 million from AED589 million in the same period last year as revenues rose. This brought profits in the first nine months of 2019 to AED1.85 billion, up 5.6 percent year-on-year.

The growth came on the back of higher income from financing, higher investment income, and higher fee income all of which drove revenues 5.5 percent higher in the third quarter to AED1.5 billion, said the bank in a statement.

Investment income alone jumped by 59 percent in the quarter to AED195 million, while fees and commission income grew 5.1 percent to AED280 million. Revenues for the period between January and September was also higher, by 5.7 percent, reaching AED4.39 billion.

Mazin Manna, Chief Executive Officer of ADIB, said the bank benefited from lower costs of funds, helping the balance sheet. He said that the bank’s strong liquidity is fully expected to be able to support ADIB’s growth plans.

“Our growth in revenues has been complemented by our discipline in managing costs and risk, which saw the cost-to-income ratio decrease by 1.6 percent year-on-year,” Manna added.

Source: Emirates News Agency