Abu Dhabi Islamic Bank sees big rebound in profit as coronavirus impact eases

Abu Dhabi Islamic Bank sees big rebound in profit as coronavirus impact eases

Islamic lender says it has supported over 88,000 corporate and retail customers through the deferral of finance repayments and fee waivers

Abu Dhabi Islamic Bank (ADIB) on Monday said it has seen a big rebound in net profit as the UAE's economy slowly recovers from the peak of the coronavirus pandemic.

The Islamic lender reported net profit of AED533.8 million in the third quarter of 2020, an increase of 68 percent compared to Q2 and 98 percent compared to Q1, driven by strong revenues and rigorous cost efficiencies.

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Jawaan Awaidah Al Khaili, chairman of ADIB, revealed that the bank has supported over 88,000 corporate and retail customers through the deferral of finance repayments and fee waivers