Abu Dhabi Islamic Bank yesterday revealed the 2006 first quarter financials, which reflected the Bank’s keenness on growth succession and achieving the best returns for both shareholders and depositors. ADIB made a Net Profit after Distribution to Depositors of AED 156,3 million for the first quarter of 2006; a 277.5% growth in comparison to AED 41,4 million in 2005 first quarter, hence, the shareholders’ equity in March 31, 2006 has mounted to AED 2,07 billion, as opposed to the AED 1,5 billion of March 31, 2005, recording a growth of 34%. The Earnings Per Share has also risen from AED 0,345 by end of March 2005 to AED 1,302 by end of March 2006, a growth rate of 277%
This remarkable growth in profit comes as result of the expansion plans and growth in assets the bank had adopted earlier last year, where the Total assets has grown by 105% amounting to AED 30,50 billion in Q1 2006 compared to AED 14,90 billion in Q1 2005, all excluding IPO accounts.
Customers’ Deposits represented 63% of Total Assets amounting to AED 19,3 billion in Q1 2006, a 69% growth in comparison to AED 11,4 billion in Q1 2005. Profit distribution to depositors has also increased by 677% from 58,50 million in Q1 2005 to AED 454,9 million in Q1 2006; not including IPO accounts either.
Significantly, Operating Income has drastically increased five folds in Q1 2006 making an income of AED 742,7 million compared to AED 153,3 million in Q1 2005; showing a growth rate of 384%. The rise is resulted from diversified income from various products, innovative banking services, sturdy customer base and business expansion.
All the above figures are considered primary till they have finally been approved by the U.A.E. Central Bank as per the rules and regulations in the U.A.E.
The Managing Director of Abu Dhabi Islamic Bank, Mr. Ahmed Darweesh Al Marar, stated that the distinctive performance of the bank came as a result of integrated efforts by all its employees, customers’ confidence, reputation of being a leading local Islamic bank, the expansion and development plan in U.A.E. and financing vital projects which have always reflected profits for shareholders and all other national sector, assuring the bank’s tight conjunction with the local market business entities and organizations.
He also added that such expansion was reflected in the increase of ADIB’s Branch and ATM network, whereby it now has 25 branches in the UAE and over 50 ATMs spread across the country.
Finally, Mr. Al Marar added that the support the banking sector is receiving from the president of the U.A.E., H.H. Sheikh Khalifa Bin Zayed Al Nahyan and the government have always been the backbone of their success, which is expected to grow continuously throughout the years to come.
