ADIB posts a net profit of over $415 million

ADIB posts a net profit of over $415 millionThe Abu Dhabi Islamic Bank (ADIB), a leading bank in Emirates, has announced its financial figures for the year 2009 reporting an operation profit of 1,527 million UAE dirhams amid economic uncertainties due to global financial crisis. The bank reported 25.1 per cent rise in its total assets that stood at 64.1 billion dirhams.

The lender attracted a large number of new customers whose strength rose to 342,097 with an increase of 27.2 percent during the year. Cautious over its future growth, the lender has decided to reserve its full year earnings for executing its growth plans. Bank's deposits and customers assets surged 6.5 percent and 4.2 percent respectively in UAE for the full year.

Tirad Mahmoud, CEO of ADIB hailed the performance of its new management that worked very hard to pass the challenging time of the financial sector. He further expressed, "It is this operational and strategic momentum, together with the Bank's outstanding capital and liquidity position along with a commitment to best practice that prompted our preemptive decision to accrue substantial provisions. This decision will ensure sustained growth in the future."