ONLY webinars - visit ONLY webinars - visit
Advanced Search
Home / Features / Abu Dhabi Islamic Bank revenues for Q1 2019 increase by 5.3%
Special Features

Abu Dhabi Islamic Bank revenues for Q1 2019 increase by 5.3%

Abu Dhabi Islamic Bank (ADIB) reported a net profit growth of 1.7% for Q1 2019 to AED 600.3 million. Revenues increased by 5.3% to AED 1,436.6 million driven by growth in customer financing of 2.8% to AED 78.1 billion, and a 57.5% rise in investment income, which reached AED 185.3 million, in addition to an increase of 29.6% in foreign exchange income. The bank maintained a conservative approach to risk as total credit provisions reached AED 186.4 million. According to financial results for Q1, the capital adequacy ratio under Basel III at 31 March 2019 was 17.53% vs. 16.02% at 31 March 2018, (31 December 2018 was 17.18%, after adjusting for the 2018 dividend). ADIB remains one of the most liquid banks in the UAE, with an advances to stable funds ratio (a regulatory ratio) of 82.4% at 31 March 2019, vs. 80.4% at 31 March 2018 (82.9% at 31 December 2018) and an advances to deposits ratio of 77.7% at 31 March 2019, vs. 74.4% at 31 March 2018 (78.4% at 31 December 2018). 

Mr. Mazin Manna, ADIB CEO, said: "The operating performance for the first quarter of 2019 was on track with operating profit increasing 6.2%, delivering a solid return on equity of 18.3%, which is considered one of the highest in the market. This was driven by higher revenues on the back of a growth in customer financing, increased foreign exchange and investment income. We are also seeing healthy momentum in key focus areas to which we have committed significant investment, such as digital and transaction banking.'' "The bank remains well-capitalised with a capital adequacy ratio under Basel III of 17.53%, while the common equity Tier 1 ratio stood at 11.70%. Our liquidity remains strong, with an advance to deposits ratio of 77.7%. "We continue to grow customer finance on a diversified basis across all sectors with our overall finance portfolio growing 2.8% in the first quarter. We will continue to cautiously manage risk to ensure a stability in our finance portfolio. With regards to provisioning, we remained prudent in classifying our impaired portfolio and in taking provisions. As a result, we took additional provisions of AED 189.3 million for customer financing,'' he added. 

"We have invested heavily in new technology and embarked on a progressive digital transformation programme across the bank to help us expand and improve our service with ongoing enhance

We accept Guest Posts

  All fields are mandatory
Your Name
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image


View Special Features by Category
Airlines & Airports
Art & Gallery
Banks & Financial sector
Car Industry
Dubai Government
Dubai Metro
Education & Institutions
Events & Occassions
Exhibition Center
Family Shows
Food & Beverages
Free Zones
Golf Clubs
Government Departments
Health & Fitness
History & Culture
Hospitals & Clinics
Hotels & Hospitality
Identity cards
Internet Services
Media & News
Online Food Service
Online Store
Other Emirates
Parks & Beaches
Precious Metals
Real Estate & Property
Religion & Culture
Resorts & Clubs
Shopping Malls
Special Centres, Groups & Communities
Sports & Events
Sports Bars
Things To Do
Trade Fair
Travel & Leisure
UAE Market News
VIP Services
Wedding Planners

Back to top

News Alerts
News Alerts
Stay ahead with abu dhabi news
dcg mobile
adcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Abu Dhabi Blog
Your space, your voice
ADCG at a glance