Abu Dhabi Islamic Bank posts 34 percent profit rise
The Abu Dhabi Islamic Bank (ADIB) recently released its unaudited financial results for the year 2001, in which the bank posted a 34 percent rise in net profit, from 60 million Emirati dirhams ($16.3 million) in the FY00 up to Dh80.5 million in FY01. In year-end 2001, ADIB’s assets totaled Dh6.11 billion, rising from the previous year's figure of Dh4.36 billion.
ADIB’s Annual General Meeting (AGM) is expected to convene next week to approve the distribution of the bank’s first dividend, at 50 fils per share for a total of Dh50 million. Established in 1997, ADIB is 29 percent owned by individual shareholders and 10 percent by the Abu Dhabi Investment Authority.
ADIB is a public joint stock company, whose activities in the United Arab Emirates (UAE) include investment, retail and corporate banking services, in compliance with Islamic Sharia. The bank currently operates eight branches, with plans to open four more this year—in Abu Dhabi, Al-Ain, Dubai and Ras Al-Khaimah. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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