ADIB profit edges up some 10 per cent in Q1 to Dh340.1m

ADIB profit edges up some 10 per cent in Q1 to Dh340.1m
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Published May 8th, 2013 - 06:19 GMT via SyndiGate.info

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A branch of Abu Dhabi Islamic Bank in UAE
A branch of Abu Dhabi Islamic Bank in UAE
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Abu Dhabi Securities Exchange

Abu Dhabi Islamic Bank (Adib), one of the major lenders in the UAE, said yesterday its fiscal first quarter net profit rose 10.7 per cent on year to Dh340.1 million while its total assets increased 15.9 per cent year-on-year to Dh88.7 billion and net customer financing rose 8.9 per cent to Dh54 billion.

Last year, during the same quarter Adib’s net profit stood at Dh307.3 million.

In a statement, the bank said the group net revenue for the first quarter this year was Dh919 million, as compared with Dh870.8 million in the corresponding period a year ago. Total credit provisions and impairments during the quarter ended March 31 declined 0.3 per cent to Dh185.5 million.

“Adib remains one of the most liquid banks in the UAE, with advances to stable funds ratio of 77.7 per cent, customer financing to deposits ratio of 85.2 per cent and net due from banks and deposits with Central Bank totalling Dh13.4 billion,” the statement said.

“Capital adequacy position under Basel II remains strong at 19.84 per cent compared with 21.42 per cent at the end of 2012,” Adib added.

The stock of Adib on the Abu Dhabi Securities Exchange fell 0.24 per cent yesterday, closing at Dh4.17.

The bank said the group operating profit for first quarter this year was Dh525.6 million, compared with Dh493.4 million for Q1 2012, an increase of 6.5 per cent.

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