By IANS,
Abu Dhabi : The Abu Dhabi Islamic Bank (ADIB) has announced an operating profit of 1,527 million UAE dirhams (about $415 million) for the 2009 financial year, WAM news agency reported.
The bank’s total assents increased by 25.1 percent to 64.1 billion dirhams and the number of customers increased by 27.2 percent to 342,097 in the same period.
The Bank has taken a preemptive decision to set aside a year’s earnings to enhance its total provisions and secure future growth, WAM said Sunday.
In 2009, the banking deposits and customer assets in the United Arab Emirates (UAE) grew by 6.5 percent and 4.2 percent respectively, while ADIB’s customer deposits increased by 36.7 percent to 48.2 billion dirhams.
The Bank’s capital resources rose to 12.3 billion dirhams in 2009. In 2008 and 2007, its capital resources were 8.6 billion and 8.4 billion dirhams respectively.
Tirad Mahmoud, CEO of ADIB, said: “Our new management team completed its second year in the bank and our strong income momentum and sustainable growth saw operating profit increase by 16.5 percent to a record 1,527 million dirhams.
“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.”