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ADIB earns Dh736.7m profit
Abu Dhabi Islamic Bank (ADIB) has released its financial results for the third quarter of this year, showing a record net profit of Dh736.7 million for the nine months ending September.
- WAM
- Published: 00:55 October 21, 2008
Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has released its financial results for the third quarter of this year, showing a record net profit of Dh736.7 million for the nine months ending September.
This figure is a growth of 52.5 per cent based on the same period in 2007, when net profits were Dh483.0 million.
Third quarter 2008 net profit was Dh216.5 million, up 57.8 per cent from Dh137.2 million in third quarter 2007.
Earnings per share for the nine months ending last September 30 were Dh0.374 per share, a growth of 41.1 per cent from Dh0.265 recorded in the same period last year.
Commenting on the financial results, Tirad Mahmoud, Chief Executive Officer at ADIB, said: "Our third quarter results show a healthy, structured growth.
"We have no exposure to the sub-prime market, which has sheltered ADIB from much of the turbulence we have seen recently on the international stage."
ADIB's total assets have grown from Dh40,986 million as of end September 2007, to Dh49,115 million for the first nine months of 2008 representing a growth of 19.8 per cent.
Islamic financing is Dh32,085 million, representing a 41.2 per cent growth compared on the same period in 2007.
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