Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Sunday reported 33.4% increase in net profit during the last quarter of 2017.

ADIB’s net profit soared 33.4% to AED 607.2 million in Q4-17, compared to AED 455.1 million in the year-ago period, according to a bank statement.

Year-on-year, ADIB’s net profit surged 17.7% to AED 2.3 billion in 2017, compared to AED 1.95 billion a year earlier, the bank’s data showed.

The growth in net profit was attributed to the decline in financing cost, the new investments, and the disparity of foreign exchange rates, ADIB revealed.

Revenues of the Abu Dhabi Securities Exchange (ADX) listed bank grew 4.6% to AED 5.6 billion last year, while its total assets registered a 0.8% increase to reach AED 123.3 billion on 31 December 2017 from AED 122.3 billion in the year-ago period.

ADIB’s board recommended the distribution of around AED 914 million cash dividends for 2017, which account for 28.87% of the bank’s capital and 39.76% of its annual net profit.