Dubai: Abu Dhabi Islamic Bank (ADIB) on Tuesday reported Dh1.95 billion in net profit for 2016, marking a 1 per cent increase over the Dh1.93 billion recorded in 2015.
The figure puts net profit in the fourth quarter of 2016 at Dh455 million — a 4.7 per cent decline from the Dh477 million recorded in the same quarter of 2015.
Revenues for the full year rose around 5 per cent to reach Dh5.39 billion, while credit provisions and impairment charges jumped 18 per cent to reach Dh970 million.
In a statement posted to the Abu Dhabi bourse, the bank said prospects for the UAE in 2017 are “encouraging” and supported by a recovery in oil prices.
“Nonetheless, we continue to forecast modest customer financing growth in the UAE, and an increase in provisions in the UAE retail banking. While ADIB remains one of the most liquid banks in the region with a sound capital base, the pressure on market liquidity levels and the amount and mix of capital the group is required to hold is expected to increase,” the analysis report said.
The bank also said it recommended a distribution of a 24.52 per cent cash dividend for 2016, representing 39.8 per cent of the full year’s net profits.
