ADIB profit up 4% for 2019
Abu Dhabi Islamic Bank (ADIB) net profit for 2019 grew four per cent to Dh2.6 billion, mainly due to cost discipline.
Operating Profit increased 4.4 per cent to Dh3.2 billion, driven by a 3.1 per cent growth in customer financing to Dh81.1 billion, a 30.7 per cent increase in investment income to Dh687 million and a 23.6 per cent rise in foreign exchange income to Dh317.5 million.
Group net revenues increased by 2.5 per cent in 2019 to Dh5.9 billion. Total assets as of 31 December 2019 were Dh125.9 billion, representing an increase of 0.6 per cent from Dh125.2 billion at the end of 31 December 2018. Operating expenses at Dh2.6 billion were flat year-on-year.
Credit provisions and impairments for 2019 increased by 6.1 per cent to Dh658.1 million versus Dh620.1 million in 2018, with net cost of risk increasing to an annualised 78 bps.
"Our growth in revenues has been complemented by our discipline in managing costs which saw the cost to income ratio decrease by almost 1 per cent for the year. We have demonstrated strong expense discipline across the bank and successfully implemented a number of optimisation initiatives, resulting in a flat expense base," said Mazin Manna, ADIB's Group CEO.
He said: "Despite challenges in the macroeconomic environment, the prospects for the UAE in 2020 are encouraging as the Government's stimulus plans and Expo 2020 are expected to boost key economic sectors."
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