Abu Dhabi Islamic Bank Records 89% YoY Increase in Net Profit for 1H 2021

United Arab Emirates (UAE)-based Abu Dhabi Islamic Bank (ADIB) recorded a net profit of AED 1.1 billion for the first half of 2021 (1H 2021), an increase of 89% year-on-year (YoY) compared to a net profit of AED 588 million in 1H 2020. This was driven by a 3.4% YoY growth in total revenue to AED 2.64 billion in 1H 2021, versus AED 2.55 billion in 1H 2020.

Why it Matters?

Improved business momentum and a rebound in economic activity has supported top-line growth in revenues. Mohamed Abdelbary, Group Chief Financial Officer, ADIB noted that this top-line performance came on the back of strong improvements in customer financing, customer deposits, along with increases in fees and commissions and investment income. ADIB’s strict cost discipline appr...