Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Monday posted an 8.7% year-on-year increase in its profits for the full-year 2018.
Net profits amounted to AED 2.5 billion ($680 million) in 2018, compared to AED 2.3 billion ($630 million) in the previous year, according to the lender’s statement.
The bank’s revenues levelled up 2.4% year-on-year to AED 5.76 billion for the year ended last December.
Moreover, customer deposits increased by 0.4% to AED 100.4 billion last year, against AED 100.0 billion in 2017.
As for the fourth quarter of 2018, net profits of Abu Dhabi’s largest sharia-compliant lender jumped 23.2% year-on-year to AED 748.30 million.
It is worth mentioning that ADIB is also investing in upgrading its transaction banking and trade finance proposition, enhancing product capabilities and automating the financing process.
This strong performance has enabled the bank’s board to recommend a cash dividend of 27.38% for 2018, which represents 39.76% of 2018 net profit.
By the end of Sunday’s session, ADIB’s stock rose 1.66% at AED 4.25.
