ADIB’s Q1 2023 net profit grew by 54%

ADIB’s Q1 2023 net profit grew by 54%

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) reported a growth in net profit of 54% for the first quarter of 2023 to AED 1.1 billion from AED 715 million in Q1 2022, underpinned by healthy business growth and higher margins. Revenue for Q1 2023 improved by 45% to AED 2.0 billion compared to AED 1.4 billion in the corresponding period of last year. This was driven by 81% growth in funded income to AED 1.4 billion, achieved from the growth in customer financing and higher margins.

Jawaan Awaidah Al Khaili, Chairman, said, “The UAE economy saw a good start in 2023 supported by higher oil prices and continuation of the diversification strategy. Capitalising on the encouraging economic environment, ADIB has delivered a solid performance in the first quarter of 2023 with Net Profit increasing by 54% to AED 1.1 billion on the back of excellent progress on our growth strategy and transformation initiatives, in line with our long term plan to deliver sustainable value to all our stakeholders. The record return on equity of 23.4% reflects the benefit of higher income as well as significant structural gains from our strategic initiatives.

“We continued to attract new customers to the bank welcoming 46,000