Adib's full-year net profit rises 10.6% to Dh851 million

Abu Dhabi Islamic Bank (Adib) said its full-year 2008 net profit rose 10.6 per cent to Dh851 million ($231.6m) from a year earlier.

The Board of Directors recommended a cash dividend of 50 per ent of net income for the financial year 2008.

The bank's earnings per share rose to Dh0.432 from Dh0.413, it said in a statement on the Abu Dhabi bourse website.

Return on Equity (RoE) rose from 14.2 per cent in 2007 to 15.1 per cent in 2008. The bank's total assets increased by 16 per cent to Dh51bn from Dhs44bn in 2007. The bank's fourth quarter net profit fell almost 60 per cent to Dh114.8m from Dh285.4m in the corresponding period in 2007.