Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate, is seeing “positive signs” of recovery as momentum picks up across its business despite the impact of the pandemic-driven economic slowdown on its third-quarter net income.
Net profit for the three months to the end of September dropped 14 per cent to Dh533.8 million ($145.44m), driven down by a rise in impairment charges, the lender said in a statement on Monday. Third-quarter income, however, climbed 68 per cent compared with the second quarter of this year, as revenue jumped and costs declined.
“Although the macroeconomic environment remains uncertain, we have seen positive signs of recovery resulting from the decisive actions taken by the UAE government,” Jawaan Al Khaili, chairman of ADIB, said.
“We have been able to deliver a solid performance for the third quarter of 2020 reflecting a rebound in economic activities, which generated momentum across all business units.”
The quarterly earnings are a “significant achievement” as the cost of credit is stabilising and the level of capital and liquidity continue to remain strong, he added.
The bank said its net profit for the first nine months of the year came in at Dh1.12 billion, down from Dh1.85bn during the same period in 2019. Group net revenue for the period reached Dh3.93bn, down from Dh4.39bn reported in the first nine months of last year.
Credit provisions and impairments for the nine-month period rose 72.7 per cent to Dh954.1m, reflecting the challenging macroeconomic environment.
Total assets at the end of September rose to Dh127bn, a 2.3 per cent year-on-year rise. Net customer financing increased 5 per cent to Dh83.2bn, while customer deposits at the end of nine months reached Dh100.7bn.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
