Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has reported a net profit of AED 590.4 million during the first quarter of 2018, up 2.2% from the year-ago period.  

The increase in the Abu Dhabi-listed bank’s net profit can be attributed to the growth in both fees and commissions — along with the credit-loss management, according to a bourse statement released on Monday.

“The implementation of technology, such as in our new generation of ADIB Express branches, our mobile app, has also enabled us to control expenses, which fell by 0.7%,” ADIB’s vice chairman and acting CEO Khamis Buharoon commented.

ADIB’s revenues declined 0.7% year-on-year to AED 1.36 billion year-to-date (YTD), while customer deposits grew 1.2% year-on-year, recording AED 102.2 billion in the same period.

“Despite operating in the region’s most competitive banking environment, we believe ADIB is well positioned to take advantage of the UAE’s economic development and diversification, ensuring that our financial strength and focus on innovation delivers a compelling offering to customers,” Buharoon said.

Cost of credit improved after total credit provision and impairment dropped 8.8% to AED 149.9 million in the three-month period ended 31 March, the bank’s data showed.