ADIB earnings soar 47%

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), one of three publicly listed Islamic lenders in the UAE, posted its second-biggest profit ever in the first quarter after boosting income from lending.

ADIB's net income in the three months to March 31 - after distributing profit to depositors - rose 47 per cent to Dh244.25 million ($66.5 million), or Dh0.124 per share, compared to Dh165.78 million, or Dh0.109 a share in the year-earlier period, the bank said in a statement on the Abu Dhabi bourse website.

Net income from lending jumped 31 per cent to Dh481.1 million, the bank said.