Abu Dhabi – Mubasher: The net profits after Zakat and tax of Abu Dhabi Islamic Bank (ADIB) jumped by 54% to AED 1.10 billion in the first quarter (Q1) of 2023, versus AED 715 million in Q1-22.
Total operating income climbed by 45% year-on-year (YoY) to AED 2.03 billion in Q1-23 from AED 1.40 billion, according to a press release.
The higher revenues were backed by an 81% leap in funded income to AED 1.40 billion.
Earnings per share (EPS) hit AED 0.26 as of 31 March 2023, compared to AED 0.17 in the year-ago period.
During the first three months (3M) of 2023, the bank’s total assets enlarged by 24% YoY to AED 172.14 billion from AED 138.58 billion, driven by a 19% rise in gross financing and a 22% surge in investments.
The customer deposits widened by 28% YoY to AED 141.75 billion in Q1-23 from AED 110.80 billion, which is attributed to a 15% increase in current and savings accounts (CASA).
Nasser Al Awadhi, Group CEO of ADIB, underlined: “All of our business lines continued to generate solid growth this quarter. In the retail banking group, consumer spending remained healthy with card sales up 45% and 11% growth in customer financing.”
“In the wholesale bank, we were able to grow financing by 15% as a result of strong momentum in deal execution. This growth was driven by demand from existing large corporates as well as new bank customers,” Al Awadhi added.
Last March, ADIB obtained the general assembly’s approval to disburse AED 1.77 billion as cash dividends for 2022.
In the January-December 2022 period, the ADX-listed lender generated AED 3.58 billion in net profit after Zakat and tax attributable to the shareholders, up 54% YoY from AED 2.32 billion.
