ADIB profit up 13% in first nine months of 2017

Abu Dhabi Islamic Bank (ADIB) Group announced on Sunday that its net profit for the first nine months of 2017 rose 13 per cent year-on-year to AED1.69 billion.

''Net profit for the third quarter of 2017 delivered a 10.8 per cent year-on-year rise,'' the bank said in a press statement.

Revenues increased by four per cent for the first nine months of 2017 to AED4,20 billion driven by growth in fees, FX and investment income.

Customer deposits increase by 0.5 per cent year-on-year to reach AED99.1 billion at the end of September 30, 2017. As a result, ADIB remains one of the most liquid banks in the UAE, with advances to deposits ratio of 77.5 per cent.

"Our third quarter results provide a good summary of where ADIB stands today, a growing bank that is attracting new customers based on a high-quality banking experience and trusted corporate values which place customers' needs first," said Khamis Mohamed Buharoon, ADIB's vice chairman and acting CEO. "In Q3, 2017, ADIB has continued to deliver strong growth in revenues and making good progress in managing costs. This has resulted in a healthy 10.8 per cent year-on-year increase in our net profit in the third quarter of the year."