Wednesday 24 January 2024

#AbuDhabi Islamic Bank eyes corporate lending growth in 2024, #Saudi expansion | Reuters

Abu Dhabi Islamic Bank eyes corporate lending growth in 2024, Saudi expansion | Reuters

Abu Dhabi Islamic Bank (ADIB) (ADIB.AD) aims to seize further opportunities in corporate lending this year as part of its growth strategy, taking advantages in opportunities such as commercial and real estate, its finance chief said.

The bank on Tuesday posted a 45% rise in full-year net profit to a own record high of 5.25 billion dirhams ($1.43 billion), driven by revenues growth of almost 40%.

ADIB Chief Financial Officer Mohamed Abdel Bary said there were opportunities for the bank across several industries such as manufacturing, tourism and real estate, spurring growth in its corporate segment.

"We are looking at banking the ecosystem within that sector and going to large and medium corporate entities within our risk appetite," he told Reuters.

The Islamic lender enjoys a solid market share in its retail banking services, which Bary put at 15-16% domestically.

Outside of the UAE, ADIB plans to grow its presence in neighbouring Saudi Arabia while continuing to invest in Egypt despite current "challenges".

Bary did not disclose details on expansion plans in Saudi Arabia but added that the market is attractive on many fronts, and "provides opportunities to participate in many industries within the bank's risk appetite."

"Given we already have a big presence in Egypt, maybe Saudi will take a little more of our attention probably in the near future," Bary said.

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