Dubai: Abu Dhabi Islamic Bank (ADIB) reported on Sunday a 17.7 per cent jump in its net profit for 2017, which reached Dh2.3 billion, on the back of lower impairment costs and higher revenues.
The figure puts net profit in the fourth quarter of the year alone at Dh607.2 million, up 33 per cent compared to the Dh455 million in the fourth quarter of 2016.
Meanwhile, revenues for the full year went up 4.6 per cent year-on-year to reach Dh5.6 billion, as revenues for the fourth quarter of 2017 went up 6.2 per cent to Dh1.43 billion.
The board of directors of ADIB recommended distributing cash dividends of around 29 per cent for 2017, the bank said in a statement.
“ADIB experienced robust growth across our business, while we maintained a disciplined approach to cost and risk management,” said Khamis Buharoon, ADIB’s vice chairman and acting chief executive officer. “Looking ahead, we believe ADIB is well positioned to take advantage of the opportunities that are expected to arise from the positive economic outlook of the UAE.”
