Abu Dhabi Islamic Bank Q2 net profit surges on strong revenue growth
Abu Dhabi Islamic Bank (ADIB) on Thursday reported a 68% year-on-year (YoY) rise in the second quarter net profit to 1.22 billion dirhams ($333.24 million) on solid revenue growth and strong deposit inflows, but warned of pressures of a rising rate environment.
Net revenue grew by 71% YoY to AED 1.50 billion for the three-month period ending June 30, 2023.
Total operating income rose 56% to AED 2.23 billion in the second quarter compared to AED 1.43 billion in the year-earlier period.
However, provision for impairment increased to AED 223 million, up 95% YoY.
The bank’s liquidity position was healthy and comfortably within regulatory requirements, with the advances to stable funding ratio at 78% and the eligible liquid asset ratio at 21.8%, the biggest Islamic bank in the emirate said in a statement on ADX.
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