Dubai, UAE — Abu Dhabi Islamic Bank (ADIB) has reported a 61 percent year-on-year rise in net profit to AED 2.3 billion ($626 million).
Revenues also grew by 50 percent to AED 4.3 billion, driven by increased transaction volumes and improved margins.
The bank’s cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments. Customer deposits rose 31 percent to reach AED 150 billion.
“ADIB reported a record performance in the first half of 2023, delivering net profit of AED 2.3 billion, record revenue of AED 4.3 billion, which equates to an average return on equity of 25 percent reflecting the success of the Group’s diversified business model and a healthy regional economy,” said ADIB Chairman Jawaan Awaidah Al Khaili.
“We have benefited from strong deposit inflows and grew our market share by attracting approximately 96,000 new customers to ADIB in the first half of 2023 emphasizing the strength of our brand.”
