ADIB's net income jumps 51% on lower impairments amid economic recovery
Abu Dhabi Islamic Bank, the biggest sharia-compliant lender in the emirate, reported a 51 per cent surge in the fourth-quarter net income as provisions for loan losses fell and revenue rose amid the continued economic recovery.
Net profit for the three-month period to the end of December climbed to Dh728 million ($198.4m) from a year earlier, ADIB said in statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
Quarterly revenue rose 3 per cent to Dh1.47 billion, from Dh1.43bn reported for the last quarter of 2020. Provisions for bad loans dropped 44 per cent to Dh203m.
“All indicators are positive,” Mohamed Abdel Bary, ADIB group chief financial officer, told The National. “Everything is pointing in the right direction and the economy is opening up, which is good news for us.”
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