#AbuDhabi Islamic Bank posts 29% higher Q2 net profit, beats analysts

Abu Dhabi Islamic Bank posts 29% higher Q2 net profit, beats analysts

Abu Dhabi Islamic Bank, the largest Islamic bank in the emirate, posted a Q2 2024 post-tax net profit of 1.58 billion dirhams ($430.2 million), up 29% year-on-year (YoY)

The net profit exceeded analysts’ mean estimate of AED 1.32 billion, according to LSEG data.

Revenue for the quarter rose 27% YoY to AED 2.8 billion, while total operating income was up 27% to AED 2.83 billion, a statement on ADX said.

Meanwhile, provision for impairment rose 31% YoY to AED 293 million.

For H1 2024, the lender made a net profit post-tax of AED 3.03 billion, up 30% YoY.

“Our first-half 2024 results reflect sustained growth across all business lines, driven by robust financing activity, a diversified funding base, and a broadening revenue mix,” acting CEO Mohamed Abdelbary said.