Business | Banking
ADIB registers Dh276m net profit
Abu Dhabi Islamic Bank (ADIB) has released its financial results for second quarter, confirming a net profit of Dh520 million for the half year ended June 30. This figure represents an increase of 50.4 per cent compared to the same period in 2007.
- Staff Report
- Published: 23:39 July 15, 2008
Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has released its financial results for second quarter, confirming a net profit of Dh520 million for the half year ended June 30. This figure represents an increase of 50.4 per cent compared to the same period in 2007.
Second-quarter net profit was Dh276 million and this represents an increase of 53 per cent compared to the same period in 2007, and a 13 per cent growth on the previous quarter.
Earning per share for the half year ended June 30, 2008, is Dh0.264 per share, up 15 per cent compared to 0.229 per share for the same period last year.
"These results reflect continuing strong performance by Abu Dhabi Islamic Bank. The drive to optimise our financial infrastructure is showing results that have contributed to an improving bottom line," said Tirad Mahmoud, chief executive officer of ADIB.
The operating revenue of the bank stood at Dh1,512 million during the half year, of which the contribution of the core banking operations represented 85 per cent. Total assets of the bank grew from Dh41.1 billion in June 2007 to Dh48.1 billion as of June 2008, representing an increase of 17 per cent. Islamic financing has grown to Dh39.8 billion as of June 30, 2008, compared to Dh35.1 billion for the same period the previous year, achieving a 13 per cent growth.
Customers' deposits currently stand at Dh33.7 billion, up 20 per cent compared to Dh28.1 billion at the close of first half last year.
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