Abu Dhabi - Mubasher: The net profits after Zakat and tax of Abu Dhabi Islamic Bank (ADIB) dropped by 38.3% to AED 1.604 billion in 2020 from AED 2.601 billion in 2019.

Lower net profits are attributed to unprecedented market conditions due to the coronavirus (COVID-19) economic repercussion, as shown by the bank's preliminary results as of 31 December 2020.

The bank's revenues reached AED 5.358 billion in 2020, down from AED 5.915 billion in the earlier year.

Meanwhile, the bank's income from financing declined by 12.9% year-on-year (YoY) to AED 3.32 billion last year.

The bank's total assets rose by 1.5% to AED 127.816 billion as at December 2020 from AED 125.987 billion as at December 2019.

During the fourth quarter (Q4) of 2020, the bank's net profits retreated by 35.7% to AED 482.6 million from AED 750.6 million in the year-ago period.

Commenting on the bank's performance, the Chairman of ADIB, Jawaan Awaidah Al Khaili, said: "We ended the year with encouraging results against a macro backdrop of ongoing economic uncertainty. We did not allow global headwinds to impact our long track record of delivering strong operational and financial results."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the lender's net profits lowered by 13.9% to AED 533.8 million from AED 620 million in the corresponding quarter of 2019.