Abu Dhabi Islamic Bank announces the first quarter of 2007 financials, which reflected the Bank’s keenness on growth succession and achieving the best returns for both shareholders and depositors and recording a soaring growth in Net Operating income of the major banking operations of a remarkable 95%; not including the expenses or income generated by the initial IPO issuances that had taken place in the first quarter of 2006.
With respect to the Income statement ADIB made a Net Profit after Distribution to Depositors of AED 166 million at the end of the 1st Quarter of 2007; a 6% growth in comparison to AED 156 million in 2006 of same period. The operational net income growth has recorded 95% growth when Q1/2006 IPO finances are excluded. At the issuance of 2 billion convertible Sukuk for EIIC, the shareholders’ equity on March 31, 2007 has mounted to AED 4.94 billion, as opposed to the AED 2.07 billion of March 31, 2006, recording a growth of 138%. The Earnings per share has decreased from AED 1.30 at end of March 2006 to AED 1.11 at end of March 2007 as a result of increased number of shares due to issuing 30 million rights-issue shares in May 2006 and the restatement required as per the IFRS.
It should also be stated that the Bank’s major interest in selecting and providing specific financing products that accommodate all customers’ needs irrespective of their category, whether they may be individuals, corporations, or establishments, whereby such products have enhanced the size of finances to ascend to AED 35 billion as of March 31, 2007 as opposed to AED 26.3 billion of the same period the previous year achieving a growth of 32%. The total assets also have grown up from AED 30.5 billion in March 2006 up to AED 40.5 billion as of 31/3/2007.
Customers’ Deposits are amounting to AED 26 billion at the end of March 2007, a 34% growth in comparison to AED 19.3 billion on the same date last year.
The performance of the bank came as a result of integrated efforts by all its employees, customers’ confidence and reputation of being a leading local Islamic bank, the expansion and development plan in U.A.E. and financing vital projects which have always reflected profits for shareholders and all other national sector, assuring the bank’s tight conjunction with the local market business entities and organizations.
It is worth mentioning that the support the banking sector is receiving from the president of the U.A.E., H.H. Sheikh Khalifa Bin Zayed Al Nahyan, General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, their Highnesses Rulers of the Emirates, supervisors of the Central Bank, as well as customers, shareholders and the joint efforts of all the Bank’s employees have, combined, been the backbone of our success, which is expected to grow continuously throughout 2007 and the years to come, according to the plan.
The table below indicates the financial results as extracted from the Financial Statements as of 31/03/2007:
AED millions
Abu Dhabi Islamic Bank As of 31/03/2007 As of 31/03/2006 Growth (%)
Total Assets 40,491 30,491 33%
Customers’ Deposits 25,952 19,387 34%
Shareholders’ Equity 4,944 2,072 138%
Islamic Financing 34,909 26,396 32%
Total Operating Income 657 742 -12%
Total Operating Expense 135 132 2%
Net Income before Distribution to depositors & Sukuk holders 522 611 -15%
Distribution to Depositors 356 455 -22%
Net Income for the period 166 156 6%
Earning per share 1.11 1.30 -15%
