UAE: Abu Dhabi’s Biggest Islamic Bank Reports H1 Net Profit of $160 Million
- Date: 14-Aug-2020
- Source: Al Bawaba
- Sector:Financial Services
- Country:UAE
UAE: Abu Dhabi’s Biggest Islamic Bank Reports H1 Net Profit of $160 Million
Net revenue for H1 decreased to AED2,556.6 million from AED2,887.1 million in H1 2019, reported Emirates news agency Wam, citing an ADIB statement.
Jawaan Awaidah Al Khaili, Chairman of ADIB, said: "This period demonstrated the resilience of the bank's businesses and the dedication of our employees as we remained focused on delivering uninterrupted services to customers amidst a very challenging environment. At the same time, we took mitigating steps to manage our risk while continuing to invest in initiatives that will support the growth of our business over coming years.“
"While cost of credit and the challenging macroeconomic environment largely impacted our profits in the first half of 2020, we have been able to navigate the COVID-19 pandemic reasonably well. Our levels of capital and liquidity continue to remain strong, with both
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