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ABU DHABI / Agencies
Abu Dhabi Islamic Bank (ADIB) on Sunday posted an 8.7 percent rise in second quarter profit, above analysts’ expectations. Higher fee income boosted second-quarter revenues by 3.9 percent, the bank said in a statement. The emirate’s largest sharia-compliant bank made a net profit of AED551.6 million ($150.3 million) in the three months ending June 30, compared to AED507.3 million in the same period a year ago, it said.
Arqaam Capital had forecast a net profit of AED526 million for ADIB, while EFG Hermes’ projection was AED494 million. ADIB booked provisions totalling AED216.4 million in the second quarter, down 7.5 percent.
ADIB has won The Banker magazine’s award for ‘Islamic Bank of the Year – UAE’ for a third consecutive year recently. The bank was recognised by the Financial Times-owned publication and one of the world’s most respected in the banking and financial industry, for the size and quality of its offering led by its innovative digital and mobile services, strong financial performance and leadership in the region’s Islamic finance industry.