Abu Dhabi-Mubasher: Abu Dhabi Islamic Bank (ADIB) posted AED 1.75 billion net profit for FY14, with 20.7% growth compared with AED 1.45 billion a year earlier.

The group’s net profit rose by 19.3% in Q4 to AED 409.6 million from AED 343.3 million in Q4-13.

FY14 net revenues amounted to nearly AED 4.6 billion, an increase by 16.6% year-over-year from AED 3.93 billion.

Q4 net revenues rose 20.1% to AED 1.256 billion, compared with AED 1.046 billion in the same period a year earlier.

FY14 provisions for investment and credit loss fell by 2.9% to AED 757.8 million, compared with AED 780.4 million.

The bank’s total assets rose by 8.5% at the end of December, 2014 to AED 111.9 billion, compared with AED 103.2 billion at the end of 2013.

Client deposits rose 12.3% to AED 84.8 billion till December 31, 2014 compared with AED 75.5 billion.

Photo Credit: Arabianeye-Reuters