Abu Dhabi Islamic Bank's net profit rose to Dh577.5 million in the first three months of the year compared with Dh482m in the same period last year. Mona Al Marzooqi / The National
Abu Dhabi Islamic Bank's net profit rose to Dh577.5 million in the first three months of the year compared with Dh482m in the same period last year. Mona Al Marzooqi / The National

ADIB reports rise in first quarter profit as economy picks up



Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate, said that first-quarter net profit rose 19.8 per cent as money set aside for bad debt fell by almost 25 per cent amid more conservative lending and signs of economic recovery.

The bank joins a roster of big lenders in the UAE showing similar signs of improvement in the first quarter as the economy picks up.

ADIB’s net profit rose to Dh577.5 million in the first three months of the year compared to Dh482m in the same period last year, the bank said.

The latest profit figure came in well ahead of analysts’ expectations. EFG-Hermes had forecast a profit of Dh481m, while NBAD Securities had forecast Dh454m.

One positive factor in the quarter was that the bank’s credit provisions and impairments fell 24 per cent to Dh164.4m from Dh216.2m.

At the same time, though, net customer financing, a measure of lending, fell 1.2 per cent to Dh77.3 billion at the end of the quarter compared to Dh78.3bn at the end of March 31 2016.

Overall, the bank’s revenues advanced 4.3 per cent to Dh1.37bn in the first quarter versus Dh1.32bn a year earlier.

“The UAE economy is seeing stronger growth in 2017 supported by a stabilisation of oil prices and continuation of the diversification strategy,” said Khamis Buharoon, ADIB’s vice chairman and acting chief executive.

“ADIB’s strategy has delivered a solid performance in the first quarter of 2017. Delivering premium customer service remains at the heart of the bank, and this approach has enabled us to welcome over 45,000 new customers in the last 12 months.”

Last week, the global consultancy Alvarez & Marsal said in its inaugural report on the country’s banking sector that there are increasing signs of recovery.

While the profitability of UAE banks has been dented in recent years, the industry remains in better shape overall than its global peers, the consultancy said. It said that despite the recent woes of the banking industry there are some signs to cheer, such as an increase in lending despite the provisions that banks are continuing to take, as well as tighter control on expenses.

mkassem@thenational.ae

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UAE athletes heading to Paris 2024

Equestrian

Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).

Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming

Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics

Maryam Mohammed Al Farsi (women's 100 metres).

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

The Kitchen

Director: Daniel Kaluuya, Kibwe Tavares

Stars: Kane Robinson, Jedaiah Bannerman, Hope Ikpoku Jnr, Fiona Marr

Rating: 3/5 

Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.

As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.

Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.

Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.

Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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Engine: Turbocharged, 2.0-litre, in-line four-cylinder

Transmission: Six-speed automatic

Power: 253hp @ 5,500rpm

Torque: 389Nm @ 2,500rpm

Fuel economy, combined: 10.7L / 100km

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

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Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

The 24-man squad:

Goalkeepers: Thibaut Courtois (Chelsea), Simon Mignolet (Liverpool), Koen Casteels (VfL Wolfsburg).

Defenders: Toby Alderweireld (Tottenham), Thomas Meunier (Paris Saint-Germain), Thomas Vermaelen (Barcelona), Jan Vertonghen (Tottenham), Dedryck Boyata (Celtic), Vincent Kompany (Manchester City).

Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).

Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).

Standby player: Laurent Ciman (Los Angeles FC).

INDIA'S TOP INFLUENCERS

Bhuvan Bam
Instagram followers: 16.1 million
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Kusha Kapila
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Diipa Khosla
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Diipa Khosla started out as a social media manager before branching out to become one of India's biggest fashion influencers, with collaborations including MAC Cosmetics.
Komal Pandey
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Nikhil Sharma
Instagram followers: 1.4 million
Nikhil Sharma from Mumbai began his online career through vlogs about his motorcycle trips. He has become a lifestyle influencer and has created his own clothing line.
Source: Hireinfluence, various

The 12

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Rooney's club record

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253

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5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
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7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe

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Director: Guillermo del Toro
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SUZUME

Director: Makoto Shinkai

Stars: Nanoka Hara, Hokuto Matsumura, Eri Fukatsu

Rating: 4/5

Jewel of the Expo 2020

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13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

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Al Wasl means connection in Arabic

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