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Board of directors report on the financial position as of 31/12/2007 and financial results for the period from 01/01/2007 up to 31/12/2007

By Allah’s Grace and Mercy and with the collaborated efforts of the Higher Management and all team members of Abu Dhabi Islamic Bank, along with the sublime directives of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the U.A.E., General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and their Highnesses Rulers of the Emirates, ADIB today announced its year-end financials reflecting the Bank’s growth succession at both a social and an economical level, achieving the best returns for Shareholders and Depositors where the net profit –after distribution to depositors- amounted to AED 771 million, i.e. a 51% of the paid-in capital with a growth of 35% in comparison to the AED 571 million profit at year-end 2006. On the other hand, profit distributions to depositors and Sukuk-holders reached an amount of AED 1.44 billion recording an increase of 7% over the AED 1.35 Billion profits distributed in 2006. As for Operating Income, ADIB made a growth of 21% with an AED 2.9 billion by year-end 2007 opposing the AED 2.4 billion in 2006. And with respect to Shareholders’ Equity which had valued AED 2.8 billion in 2006, it has now reached AED 5.4 billion by the closing of 2007, achieving by that a growth rate of 93%, and hence driving the share book value to AED 36 per share compared to AED 18.5 as at 31 December, 2006; a growth rate of 95%. It also must be mentioned that ADIB Management has not overlooked the significance of the expansion and variability of its asset base, reflecting by that the bank’s growth in all types of financing and investing raising the total asset base to AED 44 billion; an increase of 22% and AED 8 billion over the AED 36 billion in 2006. While Murabaha Financing and various other Financing have made 23% growth from AED 31 billion in 2006 to AED 38 billion in 2007 for total Financing activities. Taking the Liabilities into consideration, the Customers’ Deposits have amounted to AED 30 billion in 2007 recording an increase of 25% and AED 6 billion since year-end 2006. As for Earnings per share, which were recorded in 2006 at AED 3.98, have now increased by 29% reaching AED 5.14 per ordinary share. Working hard on creating the best qualitative returns, 2007 had witnessed the real strike of ADIB’s subsidiaries in Real Estate Investment and Islamic Financial Services. Burooj Real Estate sets an example of such by achieving a 22% return on the AED 500 million paid-in capital of the company, under the leadership of qualified UAE- Nationals in its second year of operations. It has gained a net profit of AED 110 million which was added to the ADIB portfolio of success and accomplishment. Coming to the Emiratization plan, ADIB has managed to close a 35% UAE-National employment of its staff members, and has successfully prepared them to take the lead on managing various projects, branches, and central managements. ADIB has also taken part in sponsoring group wedding ceremonies, seminars and forums, in addition to several sports, cultural and religious activities, all triggered by ADIB’s keenness on fulfilling its social responsibility towards the Islamic and the UAE community.

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