Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) reported a net profit of AED 989.5 million ($269.44 million) for the first half of 2016, a 3.8% increase from last year.
The bank’s customers grew by more than 115,000, while total assets were up 5.6% year-on-year to AED 121.5 billion in H1-16, ADIB said in a statement released Tuesday.
Customer deposits rose 9.3 % reaching AED 97.4 billion, while net customer financing grew 6.9% to AED 79.7 billion, the bank added
Total Equity, including Tier 1 capital instruments, increased 9.9% to AED 15.1 billion in the first six months of the year, compared to the same period last year, according to the statement.
ADIB’s capital adequacy ratio under Basel II now stands at 14.6% and Tier 1 capital ratio at 14.0%, well above the UAE Central Bank’s prescribed minimums of 12% and 8% respectively.
The bank’s CEO Tirad Al Mahmoud said that “despite the challenging market conditions, ADIB has produced a solid financial performance this year, while taking a prudent view on provisioning.”
According to Al Mahmoud, the bank’s priority is to invest further to become the UAE’s best bank for service, through providing personalised services to cater to specific customer segments and delivering the kind of banking experience that customers want.
