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ADIB’s profits hit AED 2.45bn in 9M-22

ADIB’s profits hit AED 2.45bn in 9M-22
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1.80% 10.18 0.18

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) registered net profits attributable to the equityholders worth AED 2.45 billion in the first nine months (9M) of 2022, an annual hike of 53% from AED 1.60 billion.

The total assets increased to AED 147.20 billion in 9M-22, compared to AED 136.86 billion as of 31 December 2021, according to the financial results.

The basic and diluted earnings per share (EPS) settled at AED 0.61 in 9M-22, versus AED 0.37 in 9M-21.

During the third quarter (Q3) of 2022, the net profits attributable to the owners of ADIB enlarged by 105% to AED 1 billion, compared to AED 492.93 million in the year-ago period.

Meanwhile, the basic and diluted EPS widened to AED 0.25 from AED 0.10.

Jawaan Awaidha Al Khaili, Chairman of ADIB, said: “We were able to cross the AED 1 billion mark in net profit for a quarter underpinned by strong business momentum. Our initiatives to diversify our income, expand into new segments while managing asset quality and improving our costs served us well to deliver a record ROE of 19.60%.”

Nasser Al Awadhi, Group CEO of ADIB, noted: “We had broad—based customer finance growth of 16% in 9M-22, growing both retail and corporate book, driving funded income growth of 10%.

Al Awadhi elaborated: “The positive drivers we saw in business over the last few quarters converted into a solid fee income growth of 22%. We remained disciplined on costs with our cost to income ratio improving by 4.60% to 37.60% crossing the 40% mark over nine months for the first time in our history.”

In 6M-22, the ADX-listed lender posted a 30% YoY increase in net profit attributable to the shareholders to AED 1.44 billion, compared with AED 1.10 billion.