Abu Dhabi Islamic Bank Records 45% Net Profit Increase in 2021, Supported by Customer Growth and Expenses Drop

United Arab Emirates-(UAE) based Abu Dhabi Islamic Bank (ADIB) has recorded profits of AED 2.33 billion (USD 634.4 million) in 2021 compared to AED 1.6 billion (USD 435.6 million) in 2020, representing a 45% increase in profits supported by customer growth and a drop in expenses, according to a statement dated 7th of February 2022.

Why it Matters?

ADIB’s customer base saw growth of almost 116,000 in the year ended December 2021 while its year-on-year expenses fell 8% as the bank maintained cost discipline and an improved 40.7% cost-to-income ratio capitalizing on investments in digital initiatives. According to ADIB’s chairman, Jawaan Awaidha Awaidha Al Khaili, credit quality and capital strength are core factors in achieving strategic succes...