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ADIB Q1 profit rises 6 per cent
ABU DHABI — Abu Dhabi Islamic Bank (ADIB) recorded Dh166 million net profit during the first quarter of 2007, reflecting an increase of six per cent over the same period in 2006. The bank made Dh156 million net profit in the same quarter last year.
The net operating income of the banking operations increased by a 95 per cent, excluding the expenses or income generated by the initial IPO issuances that had taken place in the first quarter of 2006.
The total assets also have grown from Dh30.5 billion in March 2006 up to Dh40.5 billion as of March 31, 2007.
Customers' deposits crossed Dh26 billion mark during the period, showing a 34 per cent growth in comparison to Dh19.3 billion in the same quarter last year. With the issuance of Dh2 billion convertible sukuk for Emirates International Investment Company (EIIC), the shareholders equity on March 31, 2007 has mounted to Dh4.94 billion, as opposed to the Dh2.07 billion in corresponding period in 2006, recording a growth of 138 per cent. The earnings per share have decreased to Dh1.11 during the quarter as a result of increased number of shares due to issuing 30 million rights-issue shares in May 2006. The bank also enhanced the size of finances to Dh35 billion during the quarter as against Dh26.3 billion in the same period previous year.
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