Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) reported net profits of AED 607.6 million in the first quarter (Q1) of 2021, up by 125% year-on-year (YoY) from AED 269.7 million on the back of higher revenues and lower impairment allowance, reflecting improvements in the economic outlook.

The bank’s net revenues grew by 3.3% to AED 1.335 billion in the January-March period, compared to AED 1.292 billion in the corresponding period a year earlier, according to a statement on Sunday.

Meanwhile, the operating expenses declined by 6.8% YoY to AED 592 million in Q1-21.

Net impairment charges slid by 65.5% to AED 133.5 million in the three-month period ended 31 March, compared to AED 387.1 million in the year-ago period.

ADIB was named the top ranked bank in the UAE by Forbes list of World’s Best Banks 2021 survey.