Dubai: Abu Dhabi Islamic Bank (ADIB) has announced a remarkable 30% increase in net profit for the first half of 2024, reaching Dh3.03 billion, up from Dh2.33 billion during the same period last year. This surge in profitability is attributed to robust balance sheet growth, enhanced net profit margins, and a significant boost in fee-based income.
For the second quarter of 2024, ADIB achieved a net profit of Dh1.58 billion, marking a 9% sequential rise and a 29% increase year-on-year. The bank’s revenue for H1 2024 also saw a substantial 25% growth, reaching Dh5.35 billion compared to Dh4.26 billion in H1 2023. Strong business volumes and sustained strength in fee-based activities across all segments and products fueled this revenue growth.
Jawaan Awaidah Al Khaili, Chairman of ADIB, highlighted the bank’s achievements: “We have reached new highs with our second-quarter and first-half earnings for 2024, showcasing significant improvements across all metrics. Our total asset base has surpassed the Dh200 billion mark for the first time.”
The bank’s profit margins improved to 4.6%, up by 19 basis points from the previous year, reflecting higher rates and disciplined asset and liability pricing. The cost-to-income ratio also improved to 28.6%, a reduction of 5.3 percentage points from the previous year’s 33.9%.
Al Khaili further noted, “Our strategic initiatives have deepened customer relationships and expanded our customer base significantly, adding 97,500 new customers in H1 2024, bringing the total to 1.359 million.”
The substantial financial growth underlines ADIB’s successful strategic priorities and its ongoing commitment to serving its customers and expanding its market presence.
