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ADIB sees 13% profit rise in 9M

ADIB sees 13% profit rise in 9M
ustomer deposits went up 0.5% to AED 99.1 billion in the first three quarters of 2017
Abu Dhabi Islamic Bank
ADIB
-5.43% 41.60 -2.39
ADIB
ADIB
0.92% 11.02 0.10

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Sunday announced a 13% year-on-year increase in the group’s net profits for the first nine months of 2017.

The ADIB’s group’s net profit grew to AED 1.693 billion ($460 million) between January and September from AED 1.498 billion ($407 million) in the year-ago period, according to the bank’s statement.  

Net revenues rose 4% to AED 4.204 billion from January to September 2017, from AED 4.041 billion in the comparative period of 2016.

ADIB’s results showed a 1.1% decline in total assets, which reached AED 121.3 billion at the end of September, against AED 122.6 billion in the year-ago period.

Meanwhile, customer deposits went up 0.5% to AED 99.1 billion in the first three quarters of 2017 from AED 98.6% billion in the comparative period of 2016.  

Meanwhile, the banking group’s net profits for the third quarter of 2017 registered a 10.8%-growth to AED 563.9 million versus AED 508.9 million in Q3-16.

Operating profit increased to AED 812.9 million in Q3-17 from AED 780.9 million in the same period of 2016, ADIB revealed.