Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) posted a 45% year-on-year (YoY) rise in net profits to AED 2.33 billion in 2021, compared to AED 1.6 billion in the earlier year.

Higher net profits are attributed to solid growth in revenues, improved operating efficiency, and lower impairments compared to the previous year, according to a bourse filing on Monday.

The bank's assets amounted to AED 136.9 billion as of 31 December 2021, up 7% from 31 December 2020, driven by higher net financing and increased cash and balances with financial institutions and central banks.

The earnings per share (EPS) settled at AED 0.57 in 2021, versus AED 0.36 in 2020.

Meanwhile, the bank's board has proposed a cash dividend distribution of 31 fils per share for 2021.

The bank's Chairman, Jawaan Awaidah Al Khaili, commented: "In 2021, we invested heavily in areas that will help us achieve further growth in the future, including launching new products and advancing our digital capabilities in line with our ambition to become the world’s most innovative Islamic bank."

The Group CEO, Nasser Al Awadhi, said: "I will also be focusing on delivering our five-year strategic plan by focusing on launching new products that will allow us to support customers across all financial stages in their lives, attracting new business segments where we can grow profitably by building on our strong brand and market position."

It is noteworthy to mention that in the first nine months (9M) of 2021, ADIB witnessed a 43% year-on-year (YoY) rise in net profits attributable to the equity holders to AED 1.602 billion from AED 1.121 billion in the same period of 2020.