ADIB Q1 2021 profits up 125 percent to AED608 million

Abu Dhabi Islamic Bank (ADIB) said its Q1 2021 net profit surged by 125 percent to AED608 million compared to AED 270 million in Q1 2020, an...

Abu Dhabi Islamic Bank (ADIB) said its Q1 2021 net profit surged by 125 percent to AED608 million compared to AED 270 million in Q1 2020, and up 26 percent against Q4 2020. The growth in net profits reflects the strong underlying performance across the business, the bank said in a statement. Revenue increased 3.3 percent to AED1,336 million from AED1,292 million in the same period last year with non-funding income growing by 30 percent offsetting the impact of low rate environment.

ADIB Q1 2021 profits up 125 percent to AED608 million

Operating Expenses were reduced by 7 percent year-on year due to the successful implementation of technology-led initiatives that helped reduce the cost of sales and customer acquisition while also streamlining internal processes. ADIB consistently demonstrated balance sheet strength with assets growing by 6.5 percent mainly due to a growth in customer financing by 5 percent compared to Q1 2020.

The bank has made a strong start to 2021, in what continues to be an uncertain economic environment related to the COVID-19 pandemic. Their net profit surged 125 percent compared to Q1 2020 and up 26 percent versus Q4 2020. This reflects their strong underlying performance across our all businesses, partially driven by a rapidly improving economy which allowed us to decrease our impairment by 66 percent compared to Q1 2020.

This solid first quarter was also achieved through continued cost discipline which saw operating expenses improve by 7 percent year on year, as well as sustained business momentum and targeted strategic initiatives which partially offset the headwinds from record low rates and the overall economic slowdown brought about by the pandemic.
Name

Automotive,6,Business,30,Entertainment,1,Health,12,Lifestyle,2,Luxury,8,News,20,Sports,6,Technology,8,Travel,16,
ltr
item
Yemenee: ADIB Q1 2021 profits up 125 percent to AED608 million
ADIB Q1 2021 profits up 125 percent to AED608 million
https://1.bp.blogspot.com/-822TOihuJaU/YJCgqvF3pqI/AAAAAAAABzw/0G32WGRxf1cLMejhlY08qd3KI3_g8BtdQCLcBGAsYHQ/s16000/atm-banking-9FDYUZ7.jpg
https://1.bp.blogspot.com/-822TOihuJaU/YJCgqvF3pqI/AAAAAAAABzw/0G32WGRxf1cLMejhlY08qd3KI3_g8BtdQCLcBGAsYHQ/s72-c/atm-banking-9FDYUZ7.jpg
Yemenee
https://www.yemenee.com/2021/05/adib-q1-2021-profits-up-125-percent-to.html
https://www.yemenee.com/
https://www.yemenee.com/
https://www.yemenee.com/2021/05/adib-q1-2021-profits-up-125-percent-to.html
true
5354397631755979288
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content