ADIB profits hit record $326m
Abu Dhabi, February 7, 2013
Abu Dhabi Islamic Bank Group net profit for 2012 reached a record Dh1.201 billion ($326 million), compared to Dh1.155 billion in 2011, an increase of 4 per cent.
The group reported a net revenue of Dh3.565 billion in 2012, compared to Dh3.425 billion in 2011, an increase of 4.1 per cent.
Group operating profit (margin) for 2012 was Dh2.003 billion vs Dh1.976 billion for 2011, an increase of 1.4 per cent.
Total credit provisions and impairments for 2012 were Dh802.3 million vs Dh821.1 million in 2011, a decrease of 2.3 per cent.
ADIB remains one of the most liquid banks in the UAE, with advances to stable funds ratio of 75.7 per cent, customer financing to deposits ratio of 83.5 per cent and net due from banks and deposits with Central Bank totaling Dh15.7 billion, a statement said.
It said capital adequacy position under Basel II also increased significantly to 21.42 per cent from 17.39 per cent at the end of 2011.
The group had total assets worth Dh85.7 billion, an increase of 15.2 percent compared to last year. – TradeArabia News Service
