Abu Dhabi Islamic Bank (ADIB) has announced a growth in net profit after tax of 24% for the first nine months of 2024 to Dh4.6 billion, compared to the Dh3.75 billion achieved in the same period last year.
The company attributed the growth to strong balance sheet growth, coupled with increased business momentum and diversified revenue growth.
Alongside its quarterly results, the ADIB Board of Directors also confirmed the appointment of Mohamed Abdelbary as the Group’s CEO, effective immediately.
Mohamed Abdelbary has served as the acting CEO since March 2024. He is a seasoned banker with over 28 years of experience in the industry, where he has held key senior and executive positions in leading financial institutions, including Citibank, Barclays Bank, and Standard Chartered Bank. He was included among Finance Middle East‘s Top GCC Banking CEOs in 2024.
“I am deeply honored by the trust placed in me from the board of directors to lead this great institution at a time when the bank is achieving strong momentum, and as it sets out to deliver its 2035 growth strategy.”
Mohamed Abdelbary, ADIB GCEO
In the first nine months of 2024, ADIB’s revenue improved by 19% to Dh8 billion, compared to Dh6.7 billion last year for the same period, supported by strong growth in both income from financing activities and non-funding income.
Operating expenses for the first nine months of 2024 were Dh2.3 billion, up 6% YoY with ongoing investments in people, digital and new technology.
The bank’s Q3 2024 net profit after tax reached Dh1.6 billion, up 2% sequentially and 13% YoY. The revenues for the quarter increased 9% YoY to Dh2.6 billion.
“We continued on a positive growth trajectory, achieving a 33% increase in net profit before tax to Dh5.2 billion, implying a strong return on equity of 29%, one of the highest in the region’s banking sector,” said ADIB Chairman HE Jawaan Awaidah Al Khaili.
At the end of September, ADIB’s total assets increased 15% to reach Dh223 billion, driven by financing growth in both retail and corporate banking and an expansion in the Investment portfolio.
