What's Hot

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Italian football league Lega Serie A opens office in Abu Dhabi

    March 11, 2023
    Facebook Twitter Instagram
    Niger LiveNiger Live
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • More
      • Sports
      • Technology
      • Travel
    Niger LiveNiger Live
    Home » ADIB in Q1 2021 net profits rise phenomenally to AED 608 million
    Business

    ADIB in Q1 2021 net profits rise phenomenally to AED 608 million

    May 4, 2021
    Facebook Twitter Pinterest Reddit Telegram LinkedIn Tumblr VKontakte WhatsApp Email
    Abu Dhabi Islamic Bank (ADIB) said its Q1 2021 net profit surged by 125 percent to AED608 million compared to AED 270 million in Q1 2020, and up 26 percent against Q4 2020. The growth in net profits reflects the strong underlying performance across the business, the bank said in a statement. Revenue increased 3.3 percent to AED1,336 million from AED1,292 million in the same period last year with non-funding income growing by 30 percent offsetting the impact of low rate environment.
    ADIB in Q1 2021 net profits rise phenomenally to AED 608 million

    Operating Expenses were reduced by 7 percent year-on year due to the successful implementation of technology-led initiatives that helped reduce the cost of sales and customer acquisition while also streamlining internal processes. ADIB consistently demonstrated balance sheet strength with assets growing by 6.5 percent mainly due to a growth in customer financing by 5 percent compared to Q1 2020.

    The bank has made a strong start to 2021, in what continues to be an uncertain economic environment related to the COVID-19 pandemic. Their net profit surged 125 percent compared to Q1 2020 and up 26 percent versus Q4 2020. This reflects their strong underlying performance across our all businesses, partially driven by a rapidly improving economy which allowed us to decrease our impairment by 66 percent compared to Q1 2020.
    This solid first quarter was also achieved through continued cost discipline which saw operating expenses improve by 7 percent year on year, as well as sustained business momentum and targeted strategic initiatives which partially offset the headwinds from record low rates and the overall economic slowdown brought about by the pandemic.
    Share. Facebook Twitter Pinterest LinkedIn Reddit Email

    Related Posts

    Dollar slips as investors await Powell testimony

    March 6, 2023

    UAE, Egypt, Jordan, and Bahrain sign $2 billion in industrial deals

    February 27, 2023

    Winter storm shuts down parts of the northern U.S.

    February 22, 2023

    Aid for solar, wind industries sought by German economy minister

    February 22, 2023
    Latest News

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Italian football league Lega Serie A opens office in Abu Dhabi

    March 11, 2023
    © 2021 Niger Live | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.