Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) witnessed a 61% annual surge in net profit to AED 2.32 billion during the first half (H1) of 2023 from AED 1.44 billion.

The basic and diluted earnings per share (EPS) went up by 57% to AED 0.56 in H1-23, compared with AED 0.36 in H1-22.

The UAE lender’s total revenue, which is the total operating income, doubled to AED 4.26 billion during January-June 2023 from AED 2.83 billion in the same period a year earlier, according to the income statement.

ADIB witnessed a growth in assets to AED 182.16 billion at the end of June this year, compared with AED 168.51 billion as of 31 December 2022.

Customer deposits also rose by 31% year-on-year (YoY) to AED 150 billion at the end of June 2023, against AED 115 billion in H1-22.

Chairman of ADIB, Jawaan Awaidah Al Khaili, said: “Our ability to deliver strong business momentum is the result of our solid capital position, prudent risk management, diversified business lines, and nimble execution of our strategy underpinned by an on-going digital and innovation strategy.”

Al Khaili added: “As we look ahead, we will continue to work towards creating value for all our stakeholders as we aim to become the world’s most innovative Islamic bank.”

Financial Results for Q2-23

As for the second quarter (Q2) of 2023, ADIB achieved a 68% YoY increase in net profit to AED 1.22 billion from AED 726.37 million.

The basic and diluted EPS also rose to AED 0.30 during April-June 2023 from AED 0.19 in the same period a year ago.

ADIB’s revenue in Q2-23 stood at AED 2.22 billion, higher by 56% than AED 1.42 billion in Q2-22.

In Q1-23, the lender recorded net profits worth AED 1.10 billion and a total operating income of AED 2.03 billion.