Mohammed Abdel Bari, Chief Financial Officer of Abu Dhabi Islamic Bank, said that the bank aims to seize more opportunities in corporate lending this year, as part of its strategy to grow and take advantage of opportunities in the commercial and real estate sectors.
The bank announced on Tuesday that it had recorded a 45 percent increase in net profits for the entire year of 2023, to a record high level of 5.25 billion dirhams ($1.43 billion), supported by revenue growth of about 40 percent.
Abdel-Bari said that there are opportunities for the bank in a range of fields, such as manufacturing, tourism and real estate, which stimulates its growth in the corporate sector.
He added to Reuters, “We are looking forward to banking with this sector and going to large and medium-sized entities as part of our appetite for risk.”
Abu Dhabi Islamic enjoys a strong market share in its retail banking services, which Abdel Bari said ranges between 15 and 16 percent locally.
Outside the UAE, Abu Dhabi Islamic plans to strengthen its presence in Saudi Arabia, while continuing to invest in Egypt, despite the current “challenges”.
Abdul-Bari did not reveal the details of expansion plans in Saudi Arabia, but he added that the market is attractive on many fronts, and “provides opportunities to participate in many industries within the limits of the bank’s willingness to take risks.”
“Given our already large presence in Egypt, Saudi Arabia will perhaps receive a little more of our attention perhaps in the near future,” Abdel-Bari said.
2024-01-24 15:44:47
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