Abu Dhabi Islamic Bank announced a net profit of Dh216.5 million for the third quarter today, up 57.8 per cent from the same period last year, follows growth in core business.
The bank made Dh736.7m in the nine months ended Sept 30, versus Dh483m a year earlier.
"It is all core business, the normal sources of core income," said chief executive Tirad Mahmoud.
"We don't expect surprises in the fourth quarter, positive or negative."
The bank posted nine-month earnings per share (EPS) of Dh0.37 versus Dh0.27 in the same period in 2007.
Total assets of the bank grew 19.8 per cent to 49.11 billion at the end of Sept 2008 compared to 40.98bn in the corresponding period of 2007.
Islamic financing increased 41.2 per cent during the nine month period to 32.08bn compared to the same period last year. Customer deposits advanced 18.1 per cent to 33.65bn ending September 2008 while shareholders' equity edged up 9.8 per cent to 5.59bn for the same period.
"Our third-quarter results show a healthy, structured growth. We have no exposure to the subprime market, which has sheltered ADIB from much of the turbulence we have seen recently on the international stage," Mr Mahmoud said in a statement.
"Our liquidity remains excellent due to our prudent balance sheet management, adherence to Central Bank guidelines and comprehensive customer offerings."
* Reuters
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
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Mountain%20Boy
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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