ADIB Earns Dh736.7m Record Profit in 9 Months

The profit in the third quarter 2008 rose 557.8 per cent to Dh 216.5 million, up against Dh137.2 million in Q3 2007. Total assets have grown from Dh40.986 billion as of end September 2007, to Dh49.115 billion for the first nine months of 2008, indicating a growth of 19.8 per cent. Islamic financing grew 41.2 per cent in 2008 to Dh32.085 billion, compared in the same period in 2007. Customer deposits currently stand at Dh33.650 billion as of 30 September 2008, reflecting a rise of 18.1 per cent in the same period in 2007. Shareholders’ equity is recorded as Dh5.598 billion up to September 2008, compared to Dh5.098 billion as of end September 2007, representing a growth of 9.8 per cent. Earning per share for the nine months ending 30 September 2008 is Dh0.374 per share, a growth of 41.1 from Dh0.265 recorded in the same period last year. Tirad Mahmoud, CEO of ADIB, said that the third quarter results show a healthy growth. “We have no exposure to the sub-prime market, which has sheltered ADIB from much of the turbulence we have seen recently in the international financial markets,” he added. He said that ADIB believed in steady and conservative long-term business planning.

“Naturally, we are watching the current world financial market situation closely and have taken steps to better safeguard our business.

Our strategy is clear: we are building a high quality asset base which will provide a source of long-term sustainable business growth,” the CEO said. ADIB has continued with its managed approach to provisioning, in line with global best practice in risk management.

“Our liquidity remains excellent due to our prudent balance sheet management and adherence Bank guidelines,” Tirad Mahmoud.

haseebhaider@khaleejtimes.com