Abu Dhabi Islamic Bank net profit at Dhs1.1bn in H1 2021, up 89% y-on-y

Abu Dhabi Islamic Bank net profit at Dhs1.1bn in H1 2021, up 89% y-on-y

Abu Dhabi Islamic Bank (ADIB) has reported a net profit increase of 89 percent year-on-year in H1 2021 to Dhs1.109bn, up from Dhs588m in the corresponding period last year. It also said that its total revenue grew 3.4 per cent to Dhs2.644bn compared to Dhs2.557bn in H1 2020. It attributed the growth in revenue to an increase in non-funding income of 19 per cent, boosted by a 11 per cent improvement in fee income. The financial results were also supported by an 8 per cent decline in operating expenses with cost-to-income ratio improving 5 per cent due to what is says was the successful implementation of technology-led initiatives to reduce the cost of sales and customer acquisition while also streamlining internal processes. ADIB added that it saw a 5 per cent year-on-year increase in total assets, driven by a 7 per cent growth in deposits and a 3 per cent growth in gross customer financing compared to H1 2020. "Our return on shareholders' equity have also improved to 14 per cent, in line with our commitment to enhance our profitability and deliver superior value to our shareholders," said ADIB chairman Jawaan Awaidha Suhail Al Khaili. "We are focused on the