ADIB achieves AED 4.6bn net profits in 9M-24 - Mubasher Info

ADIB
ADIB -2.78% 12.60 -0.36

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) logged net profits amounting to AED 4.63 billion in the first nine months (9M) of 2024, an annual jump of 24% from AED 3.75 billion.

The total operating income reached AED 7.99 billion as of 30 September 2024, up 19% year-on-year (YoY) from AED 6.69 billion, according to the financial results.

Earnings per share (EPS) increased to AED 1.13 in 9M-24 from AED 0.91 in the year-ago period.

Total assets hiked by 21% YoY to AED 222.56 billion as of 30 September 2024 from AED 184.12 billion. Meanwhile, the customer deposits surged by 19% YoY to AED 179.70 billion.

Income Results for Q3-24

In the third quarter (Q3) of 2024, ADIB posted 13% YoY higher net profits at AED 1.60 billion, compared to AED 1.42 billion.

The bank’s total operating income climbed by 9% to AED 2.64 billion in Q3-24 from AED 2.43 billion in Q3-23, while the EPS went up to AED 0.39 from AED 0.33.

Mohamed Abdelbary, CEO of ADIB, commented: “With our renewed 2035 vision, we are focused on product innovation, expanding into new market segments and investing in advanced technologies to build a future-proof bank that not only meets today’s dynamic needs but also anticipates tomorrow’s challenges."

“On the digital front, ADIB has strengthened its history of innovation with the launch of ADIB Ventures, aiming to create an ecosystem that fosters fintech partnerships and accelerate development of digital solutions. By collaborating with fintech disruptors, ADIB is integrating advanced technologiesto meet the evolving needs of its 1.42 million customers,” Abdelbary added.

In the six-month period that ended on 30 June 2024, the ADX-listed lender’s consolidated profits climbed by 30% YoY to AED 3.02 billion from AED 2.32 billion.

Source: Mubasher Source: {{details.article.source}}