Dubai: Abu Dhabi Islamic Bank (ADIB) on Wednesday reported a growth of 4 per cent in net profit, helped by higher customer financing, investment and forex income.
The lender said net profit for 2019 rose to Dh2.60 billion compared to Dh2.50 billion in 2018. Group net revenues grew by 2.5 per cent to Dh5.92 billion.
Net profit margin was 4.25 per cent, despite lower rates in the market, helped by the positive impact of the low cost of funds, ADIB said,
“At a time when competition in the banking industry has intensified, we were able to grow our revenues reflecting successful business strategies and product propositions,” ADIB’s management said in a statement.
This underlying performance, coupled with progress in long-term strategic initiatives, helped ADIB generate a significant return on shareholder value of 18.6 per cent, the lender added.
“Despite challenges in the macroeconomic environment, the prospects for the UAE in 2020 are encouraging as the Government’s stimulus plans and Expo 2020 are expected to boost key economic sectors,” the bank said, while adding that ADIB will continue investing in growth areas.