“Abu Dhabi Islamic Bank Reports 54% Net Profit Growth in Q1 2023”

Abu Dhabi Islamic Bank announced a 54% growth in net profit in the first quarter of 2023, to reach 1.1 billion dirhams, compared to 715 million dirhams in the first quarter of 2022, indicating a steady trend of strong growth and profitability.

The bank revealed an improvement in revenues in the first quarter of 2023 by 45% to two billion dirhams, compared to 1.4 billion dirhams in the same period last year.

Provisions for financing and investment losses increased by 29% to 146 million dirhams for the first quarter of 2023, at a time when total assets increased by 24%, to reach 172 billion dirhams, driven by a growth of 19% in total financing, and 22% in investments.

In turn, customer deposits increased by 28% to reach 142 billion dirhams, mainly driven by a 15% growth in current and savings accounts.

Abu Dhabi Islamic Bank confirmed its maintenance of a strong capital position, as the first-tier adequacy ratio of shareholders’ equity reached 12.55%, and the total capital adequacy ratio stood at 17.54%. The bank’s cash liquidity also stabilized at healthy levels, exceeding the minimum regulatory requirements by a comfortable margin, with an improvement in the stable funding rate reaching 80.3%, and the eligible liquid assets by 19.6%.

“The UAE economy has witnessed a good start in 2023, supported by high oil prices and the continuation of the strategy to diversify the economy,” said Joaan Awaida Suhail Al Khaili, Chairman of the Board of Directors.

He added: «ADIB achieved a strong performance in the first quarter of 2023, taking advantage of the encouraging economic environment, as it achieved an increase in its net profit by 54%, to reach 1.1 billion dirhams in the first quarter of 2023, on the back of the progress made by the strategy. Growth and transformation initiatives, and the bank’s long-term plan to deliver sustainable value to all stakeholders.

He pointed out that the bank succeeded in continuing to attract new customers, as it welcomed about 46,000 new customers in the first quarter of 2023, which strengthened its market share.