Dubai: Growth in both income from financing activities and non-funding income at Abu Dhabi Islamic Bank helped the lender post 19 per cent spike in revenue for the first nine months of 2024 to Dh8 billion.
As a result, net profit before tax was Dh5.2 billion during the period, up 33 per cent versus the first nine months of 2023, while net profit after tax rose 24 per cent to Dh4.6 billion.
During the third quarter, net profit after tax reached Dh1.6 billion, up 2 per cent sequentially and 13 per cent compared to last year. Additionally, continued strength in fee-based businesses helped revenue for the quarter increased 9 per cent year on year to Dh2.6 billion.
However, net profit margin (NPM) reached 4.5 per cent, slipping by 2 basis points from last year. Operating expenses for the first nine months of 2024 were Dh2.3 billion, up 6 per cent with “ongoing investments in people, digital and new technology,” the firm cited.
“We have seen notable improvement across all metrics as we continued to grow market share across key segments, with the total asset base reaching Dh223 billion, supported by a growth of 16 per cent in the year to date in customer financing with more than Dh19 billion in new financing provided in 2024,” ADIB chairman Jawaan Awaidah Al Khaili said.
