RIYADH: Abu Dhabi Islamic Bank, or ADIB, has posted a 45 percent increase in profits during 2021, as it saw customer numbers grow and expenses fall.
The bank achieved profits of 2.33 billion dirhams ($626 million), compared to 1.6 billion dirhams a year earlier, it said in a statement on Monday.
A peak in non-funded income pushed the bank’s revenue higher, up 4 percent to 5.56 billion dirhams, according to the statement.
The statement also revealed a growth in the customer base of almost 116,000 during the year ended Dec. 31, 2021.
As for costs, ADIB maintained cost discipline with an 8 percent fall in expenses year-on-year in addition to an improved cost-to-income ratio of 40.7 percent, as it capitalized on investments in digital initiatives.
It managed to secure a strong asset base, which rose 7 percent to reach 137 billion dirhams by the end of 2021.
“Looking ahead, we believe that the UAE economy has proved its resilience in recent years, and a continuation of government investment in diversification initiatives will provide opportunities for ADIB to develop its corporate and retail banking businesses,” said ADIB’s chairman, Jawaan Awaidah Al Khaili.
“There is no doubt that credit quality and capital strength lie at the core of our strategic success and in 2022 we will maintain a prudent approach commensurate with our long-term targets for return on shareholder equity,” he added.
