ADIB first-half profit almost doubles as impairments drop by half
UAE Islamic banks are seeing big improvements in their impairment provisions with Abu Dhabi Islamic Bank reporting 366.8 million dirhams ($99.88 million) for the first half of 2021, a 48% drop year-on-year.
ADIB’s improved position follows drops in impairment charges for Emirates Islamic Bank (86%) and Dubai Islamic Bank (29%), driven by economic recovery, both banks reported on Wednesday.
ADIB’s first-half net profit surged by 89% year-on-year to 1.11 billion dirhams, according to a bourse filing on Thursday (July 29).
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