Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Monday reported a rise in net profits for the first nine months of 2018 as well was for the third quarter of the year.

Between January and September, the Abu Dhabi-based Islamic bank logged AED 1.75 billion ($480 million) in net profits, up 3.5% year-on-year from AED 1.693 billion ($460 million).

The group’s net revenues amounted to AED 4.154 billion during the nine-month period, down 1.2% from AED 4.204 billion in the same period of 2017, the bank said in a statement.

Meanwhile, credit provisions and impairments dropped 21.9% to AED 487.0 million in the nine-month period ended 30 September 2018 from AED 623.4 million in the corresponding period of 2017.

As for Q3-18, ADIB achieved AED 589.5 million in profit, up 4.5% from AED 563.9 million in the same period of 2017, it said.

Quarter-on-quarter, the bank’s profits grew 2.9% from AED 572.7 million.

Commenting on ADIB’s results, vice chairman and acting CEO Khamis Buharoon stated that the bank was successful in its continued growth and that its financial performance was a reflection of that success.

ADIB was able to carry on with its growth strategy and ability to adapt to the competitive environment without compromising its commitment to delivering “best-in-class customer service”, the top official added, noting that ADIB now serves over 1 million customers.

The group’s net revenues were nearly stable at AED 1.425 billion between July and September, while credit provisions and impairments dropped 29.2% year-on-year to AED 171.7 million from AED 242.7 million.

Earlier this month, ADIB said it successfully raised AED 1 billion through a rights issue that would be used to increase its capital. The rights issue was five times oversubscribed, ADIB had said.

ADIB previously reported a 3.8% rise in profits to AED 572.7 million in Q2-18 from AED 551.6 million a year ago, while in the first half of the year, the bank logged AED 1.16 billion in profits, an increase of 3% year-on-year.