Abu Dhabi Islamic Bank (ADIB) posted a group net profit of Dh303.2 million ($82.55 million) for Q1 2011, an increase of 3.4 per cent over Dh293.3 million for the same period in 2010.

Other ADIB group companies include ADIB Securities and Burooj Properties, the group’s real estate subsidiary.

Group operating profit for the quarter was Dh462.8 million, an increase of 16.1 per cent compared to Dh398.5 million for Q1 2010.

Group net revenue for Q1 2011 was Dh807.5 million, an increase of 18.6 per cent over Dh680.7 million in Q1 2010.

The bank's net profit for Q1 2011 was Dh339.3 million, an increase of 17 per cent over Dh289.9 million in Q1 2010.

Bank operating profit for Q1 2011 was Dh490.3 million, an increase of 24.1 per cent over Dh395.2 million for Q1 2010.

The bank’s net revenues in Q1 grew 23.5 per cent to Dh813.8 million from Dh659.1 million in Q1 2010.

Customer deposits at the end of Q1 were Dh51.9 billion, compared to Dh49.9 billion at the end of Q1 last year.

Total assets as of March 31, 2011 were Dh71.4 billion, an increase of 8.2 per cent compared to Dh66.0 billion at the end of March 31, 2010.

The bank's total number of customers increased by 62,861 since Q1 2010 to reach 427,941.

ADIB's total number of branches stands at 66 against 55 in Q1 2010.

“While we expect 2011 to be another year of muted global economic activity, we are closely monitoring what is happening in the broader region and its follow-on impact on some of our customers and operations,” stated ADIB’s chief executive Tirad Mahmoud.-TradeArabia News Service