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Abu Dhbai / WAM
Abu Dhabi Islamic Bank (ADIB) delivered strong financial results for H1 2021, with net profit surging 89 percent year-on-year to AED 1,109 million from AED 588 million in H1 2020. The growth in net profit reflects the strong underlying performance across the business supported by a 3.4 percent growth in total revenue to AED 2,644 million compared to AED 2,557 million in the same period last year. Growth in revenue was driven by an increase in non-funding income of 19 percent, boosted by a 11 percent improvement in fee income.
The financial results were also supported by an 8 percent decline in operating expenses with cost to income ratio improving 5 percent due to the successful implementation of technology-led initiatives that helped reduce the cost of sales and customer acquisition while also streamlining internal processes. ADIB continued to demonstrate strengths and depths in its balance sheet with a 5 percent year-on-year increase in total assets.