The Abu Dhabi Islamic Bank (ADIB) recorded net profits of 25.1 million Emirati Dirhams ($6.8 million) in the first quarter of 2002, a 1.4 percent increase compared to figures from the previous year. Shareholders' equity for the period under review soared to Dh1.3 billion up from Dh1.2 billion in 1Q FY01, a bank statement confirmed.
Adib’s total assets rose by 29.3 percent to Dh6.3 billion by the end of the first quarter of the year and its operating income fell to Dh66.7 million compared to Dh 75.3 million during the same period in 2001.
Established in 1997, Adib is 29 percent owned by individual shareholders and 10 percent by the Abu Dhabi Investment Authority. It 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)
