Abu Dhabi – Mubasher: The Abu Dhabi Islamic Bank (ADIB) reported a 10% year-on-year profit hike during the second quarter of 2019, recording AED 630.1 million.
Operating profit went up by 6.7% to AED 789.7 million in Q2-19 versus AED 740.2 million in the year-ago period, according to a statement released on Wednesday.
Revenue grew 6.3% to AED 1.45 billion from April 2019 to the end of June, compared to AED 1.36 billion the year before.
Meanwhile, credit provisions and impairments declined by 4.1% to AED 158.6 million in Q2-19, against AED 165.3 million in the comparative period in 2018.
“During the first half of 2019, we generated considerable momentum across all divisions, which position us very well for the rest of the year. This was driven by higher revenues on the back of a growth in customer financing, as well as increased foreign exchange and investment income,” ADIB Group CEO, Mazin Manna, commented.
ADIB achieved an increase of 1.7% in net profit to AED 600.3 million during the first quarter of 2019 compared to AED 590.4 million in the same period last year.
