The chairman of Abu Dhabi Islamic Bank (ADIB) said the bank expects the UAE economy to have robust, multi-year growth. The Islamic lender’s Q3 net profit after zakat and tax came in at AED 492.9 million ($134.2 million) compared to AED 533.8 million ($145.3 million) in the same time last year.

Its net revenue went up by 5.3 percent for the same period to AED 1.448 billion. Credit provisions and impairment charges for Q3 stood at AED 384.2 million compared to 245.5 million in the same time last year.

Chairman Jawaan Awaidah Al Khaili said: “Looking ahead and despite ongoing uncertainties, we believe that the UAE economy has the potential to have extremely robust, multi-year growth supported by positive consumer sentiment around the end of the pandemic.”

“Against this backdrop, we believe we are well positioned for a period of sustained growth for the last quarter of the year, leveraging on our strong market position, strategic initiatives and operational resilience,” Al Khaili said.

The cost discipline was maintained amid ongoing investment in digital initiatives, with expenses declining eight percent and cost to income ratio improving 535 basis points to 42.2 percent, the bank said in a statement.

“ADIB continued to demonstrate strengths and depths in its balance sheet with a four percent growth year-to-date (YTD) in total assets, driven by a six percent growth in deposits and a two percent growth in gross customer financing,” the statement said.

The bank also announced a new 2025 strategy to drive long-term growth and shareholder value.

(Writing by Imogen Lillywhite imogen.lillywhite@refinitiv.com ; editing by Seban Scaria)

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