ABU DHABI: Abu Dhabi Islamic Bank (ADIB) reported a growth of 53% in net profit for the first nine months of 2023 to AED3.75 billion from AED2.5 billion in the corresponding period last year.

In a statement today, ADIB said, "Net profit for Q3 2023 reached AED 1.4 billion with 41% growth versus Q3 2022. Revenue for the first nine months of 2023 improved by 48% to AED 6.7 billion compared to AED 4.5 billion last year due to excellent income diversification mix and strong growth across all business segments and products. Funded income grew by 61% to AED 4.5 billion vs AED 2.8 billion in the corresponding period of last year, driven by higher volumes and better margins. Non-funded income grew by 28% to reach AED 2.2 billion in the first nine months of 2023 versus AED 1.7 billion in the corresponding period of last year driven by 24% growth in fees and commissions.

Cost to income ratio was managed down with an improvement of 5.0 percentage points to 32.6% versus 37.6% in the corresponding period. This was predominantly driven by growth in Income and enhanced productivity.

Jawaan Awaidah Al Khaili, ADIB Chairman,, said "ADIB achieved another record performance in the first nine months of 2023, with net profit growing 53% achieving a new high of AED 3.75 billion, surpassing what was achieved in the full year of 2022.”

“ADIB's return on equity reached 26% reflecting the success of the Group’s diversified business model and a healthy and resilient local economy. Our ability to deliver strong business momentum is the result of our solid capital position, diversification of our revenue streams with double digit growth in both our funded and non-funded income,” he added.