Dubai: Abu Dhabi Islamic Bank (ADIB) reported on Sunday Dh563.9 million in net profit for the third quarter of 2017, marking a nearly 11 per cent year-on-year jump driven by higher fee income and investment income.
The profits for the quarter came above analyst expectations, with analysts at EFG Hermes having expected Dh476 million in profits, according to Reuters.
The figure puts net profit for the first nine months of 2017 at Dh1.69 billion, up 13 per cent over the Dh1.5 billion recorded in the same nine months in 2016.
ADIB’s revenues were marginally higher, reaching Dh1.42 billion in the third quarter of 2017 (up 3.8 per cent year-on-year) as revenues for the full nine months reached Dh4.2 billion.
In a statement, the bank said the rise in revenues was supported by fee income (mainly from cards, wealth management, and Takaful products), as well as FX income.
ADIB said it has maintained its conservative approach on credit extension and capital management “given the uncertainties in the macroeconomic environment.”
The bank said, however, it was positive about the UAE’s economic outlook, “notwithstanding the potential return of volatility in global financial markets and ongoing geopolitical concerns in multiple regions.”
