Adib profit up on lower provisions

2011 net profit rises 17.3% to Dh1.42bn

Abu Dhabi Islamic Bank (Adib) on Monday said its net profit rose 17.3 per cent to Dh1.425 billion last year as compared to Dh1.214 billion in 2010 after it booked lower provisions.

For the 2011 financial year, the bank’s net revenue for 2011 was Dh3.41 billion as compared to Dh3.05 billion for 2010, an increase of 11.8 per cent.

Bank’s operating profit totalled Dh2.05 billion against Dh1.844 billion for 2010, an increase of 11.1 per cent.

Total credit provisions and impairments for 2011 were Dh625 million versus Dh629.9 million in 2010, a decrease of 0.8 per cent.

Total number of customers increased by 26,881 in 2011 to 452,611 while the number of branches in the UAE reached 69 as of December 31, 2011.

In the fourth quarter ended on December 30, the bank said it had net profit of Dh338.6 million ($92.19 million) compared to Dh250.6 million in the prior-year period.

Adib said it took credit provisions and impairments of Dh180.5 million in the fourth quarter, down from Dh224.4 million last year.

Total assets as of 31 December 2011 were Dh74.3 billion, representing a decrease of 1.2 per cent compared to Dh75.3 billion at the end of 2010.

Net customer financing increased to Dh48.8 billion, growing 1.8 per cent over the Dh48 billion at the end of 2010.

Customer deposits decreased by 2.4 per cent to Dh55.2 billion from Dh56.5 billion at the same time last year.

Capital Adequacy ratio at December 31, 2011 stood at 17.39 per cent, an improvement on the 16.03 per cent recorded at December 31, 2010.

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