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.

Non-funded income also rose 14% to reach 1.3 billion dirhams in H1 2023 versus 1.2 billion dirhams from a year-earlier period, driven by 15% growth in fees and commissions.

Total assets increased 28% to total 182 billion dirhams, driven by 18% growth in gross financing and 22% growth in investments, the lender added.

Customer deposits rose 31% to reach 150 billion dirhams versus 115 billion dirhams in H1 2022, driven mainly by 14% growth in current and savings accounts (CASA), now comprising 66% of total deposits. 

“We have benefited from strong deposit inflows and grew our market share by attracting approximately 96,000 new customers to ADIB in the first half of 2023 emphasising the strength of our brand,” said chairman Jawaan Awaidah Al Khaili.