ADIB’s net profit increases by 10.5%



Abu Dhabi Islamic Bank (ADIB) has reported a net profit of AED 1,934 million for 2015, a 10.5 percent increase from a year earlier. The number of customers increased by over 100,000. This reflects the continued growth of ADIB’s main banking activities across all customer segments, particularly its ongoing penetration and targeting of the UAE’s expatriate segment.
Total assets increased by 5.8 percent to AED 118.4 billion. Customer deposits increased 12 percent to AED 94.9 billion, while net customer financing grew by 7.4 percent to AED 78.4 billion. Despite a dampened credit environment, total non-performing accounts as a percentage of gross customer financing reduced to 3.9 percent as of 31 December 2015, from 4.4 percent a year earlier. The Group continued its practice of maintaining a conservative provisions position, and took an additional AED 770.6 million in total credit provisions to improve non-performing coverage ratio to 95.5 percent of the total non-performing portfolio.
ADIB has maintained its position as one of the most liquid banks in the UAE while simultaneously continuing to manage its cost of funding. ADIB ended the year with a steady customer financing-to-deposits ratio of 82.6 percent and an advances-to-stable funds ratio of 84.6 percent, which remains significantly better than the regulatory threshold of 100 percent.

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