Abu Dhabi Islamic Bank posts 61% rise in half-year net profit
UAE-based Abu Dhabi Islamic Bank recorded a year-on-year net profit growth of 61% to total 2.3 billion dirhams in the first half of 2023.
The Abu-Dhabi-headquartered lender posted a 50% surge in revenue for the first half, rising to 4.3 billion dirhams, from 2.8 billion dirhams recorded during a year-earlier period, on account of 'excellent income diversification mix and strong growth across all business segments and products', the bank said in a statement.
Funded income grew by 75% to 2.9 billion dirhams compared to 1.7 billion dirhams in the corresponding period last year, driven by higher volumes and better margins.
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