ABU DHABI, Abu Dhabi Islamic Bank (ADIB) reported the highest quarterly net profit with AED1 billion in Q3 2022, compared to AED493 million in Q3 2021, marking a 105 percent growth in comparison with the same period last year.
The bank registered a year-on-year growth in Net Profit of 53 percent for the first nine months of 2022 to AED2.45 billion from AED1.6 billion in the corresponding period of 2021, reflecting strong top-line growth across all key businesses.
Revenue for first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year. This was driven by 22 percent increase in fees and commissions and 10 percent growth in funded income to AED2,802 million, achieved from the growth in customer financing and higher rates.
Total assets increased 10 percent year-on-year to reach AED147 billion, driven by 16 percent growth in gross financing and 42 percent in investments. Customer deposits rose 11 percent year-on-year to AED119 billion from strong Current and Savings Accounts (CASA).
Jawaan Awaidah Al Khaili, Chairman of ADIB, said, “ADIB is pleased to report its best quarterly results ever. We were able to cross the AED1 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 19.6 percent.”
Nasser Al Awadhi, Group Chief Executive Officer, commented, “The record results for the quarter once again attest to the strength of our business and the meaningful progress we are making in transforming our business and capturing new opportunities.
“Our transformed business, nimble execution of our strategic priorities and balance sheet strengths have put us in good stead to deliver one of the highest return on equity in the market of 19.6 percent. This demonstrates our leading origination capabilities and our continued focus to grow our market share through specialized offerings and innovative solutions,” he added.
Source: Emirates News Agency