Dubai: Abu Dhabi Islamic Bank posted a 45 per cent growth in net profit for the full year 2021 at Dh2.33 billion, it said on Monday, compared to Dh1.604 billion in 2020.
Revenue improved 4 per cent to Dh5.56 billion compared to Dh5.36 billion in 2020. This arose from a 9 per cent year-on-year increase in non-funded income to Dh2.22 billion and a 1 per cent growth in funded income to Dh3.35 billion.
Operating expenses were down 8 per cent year-on-year to Dh2.26 billion and the cost to income ratio improved 5.1 percentage points to 40.7 per cent. Impairments declined 27 per cent year-on-year to Dh954 million for the year 2021.
Total assets increased 7 per cent from the previous year end to reach Dh136.9 billion, while customer deposits rose 8 per cent year-on-year to Dh109.6 billion from strong Current and Savings Accounts (CASA) and Short Term Investments generation.
Ajman Bank clocks 117% net profit
Ajman Bank reported net operating income of Dh668.1 million in 2021 compared to Dh614.7 million in the previous year, up by 8.7 per cent year-on-year. Fees, commission and other income for the year ended increased to Dh106.0 million as compared to Dh48.8 million in the previous year, a 117.2 per cent growth.
The net profit in 2021 was reported as Dh116.2 million, up 117 per cent.
As of December 31, 2021, total assets amounted to Dh22.3 billion, compared to Dh21.5 billion a year ago.
