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ADIB records 32% annual surge in Q1-24 net profit; revenue hits AED 2.5bn

ADIB records 32% annual surge in Q1-24 net profit; revenue hits AED 2.5bn
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ADIB
ADIB
5.54% 12.20 0.64

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) achieved a net profit after tax worth AED 1.45 billion during the first quarter (Q1) of 2024, signalling a 32% increase from AED 1.10 billion in Q1-23.

The UAE lender generated revenues of AED 2.50 billion during January-March 2024, improving by 24% year-on-year (YoY) from AED 2 billion, according to the consolidated income statement.

The basic and diluted earnings per share (EPS) attributable to ordinary shares rose to AED 0.34 in Q1-24 from AED 0.26 in Q1-23.

The operating income also soared to AED 3.49 billion in Q1-24 from AED 2.62 billion in Q1-23.

ADIB also recorded customer deposits of AED 160.26 billion during the first three months (3M) of 2024, which marked a 13% increase from AED 142 billion in Q1-23 and compared with AED 157.06 billion at the end of December 2023.

The bank’s total assets also grew by 13% YoY to AED 194.64 billion in Q1-24 and compared with AED 192.82 billion as of 31 December 2023.

There were 45,625 new customers that joined ADIB during the January-March 2024 period.

In 2023, the listed bank achieved net profits after Zakat and tax worth AED 5.25 billion while the revenue reached AED 9.29 billion.