Abu Dhabi Islamic Bank (ADIB) said its net profit for the first half of 2022 increased by 30 percent to AED 1.4 billion ($381 million), from AED 1.1 billion in the same period last year.
The rise in net profit was attributed to top-line growth, continued optimization of the cost base and lower impairments.
The bank revenue for the first half of the current year improved seven percent to AED 2,838 million compared to AED 2,644 million last year.
This arose from an 11 percent year-on-year increase in non-funded income to AED 1.16 billion driven by 26 percent increase in fees and commissions and five percent growth in funded income to AED 1.66 billion, achieved from the growth in customer financing.
Total assets increased nine percent YoY to reach AED 142 billion, driven by 10 percent growth in gross financing and 30 percent in investments. Customer deposits rose 10 percent YoY to AED 115 billion from strong Current and Savings Accounts (CASA).
Jawaan Awaidah Al Khaili, Chairman of ADIB, said, “Our performance reflects solid momentum across our core businesses under our 2025 growth strategy, and improved macroeconomic conditions.”
“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,” he added.