Abu Dhabi Islamic Bank's Q1 net profit up 18% at $462mln
Abu Dhabi Islamic Bank (ADIB) delivered a double-digit growth in net profit for the first quarter of the year, driven by higher lending and income from fees and commissions.
Net profit after tax for the first three months of 2025 reached AED 1.7 billion ($462.8 million), reflecting an 18% increase over the same period last year.
Revenues for the quarter grew by 14% to AED 2.9 billion, supported by higher income from financing activities and non-funding income.
Funded income reached AED 1.8 billion, up by 4% from a year ago, while non-funded income jumped by 35% to AED 1.1 billion.
The Islamic lender's total assets rose by a quarter to AED 244 billion, fueled by growth in both retail and corporate banking financing, as well as an expansion in the investment portfolio.
Net profit margin slipped by only 36 bps to 4.31% despite a 100 bps cut in the benchmark rate. Cost to income ratio stood at 28.9%, an improvement from 30.4% 12 months earlier.
'We started the year with a strong performance, continuing the positive trajectory built over previous quarters. Our results are a clear reflection of our ability to grow profitably and execute our strategy with discipline,' Jawaan Awaidah Al Khaili, Chairman of ADIB, said.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com
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