Abu Dhabi Islamic Bank, the emirate’s biggest Sharia-compliant lender, reported a 45 per cent year-on-year rise in net profit in the second quarter of 2022 on lower loan loss provisions and higher interest margins.
Profit attributable to shareholders after zakat and tax in the April to June period stood at Dh726 million ($197.6m), driven by a 51 per cent decline in impairment provisioning charges to Dh114m, the bank said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The results beat EFG Hermes' forecast of a 40 per cent rise in profit.
Total operating income for the second quarter of the year rose 9 per cent to Dh1.42 billion, while assets increased close to 9 per cent annually to reach Dh142bn.
The bank also reported a 10 per cent rise in net customer financing during the period to Dh92.19bn, largely driven by its retail banking business.
“We have been experiencing strong growth in the retail banking business. In fact, our financing volumes have exceeded pre-Covid levels and our digital initiatives are giving us major cost advantages,” Mohamed Abdelbary, ADIB's group chief financial officer, told The National.
The bank expects overall financing growth of 5 per cent to 7 per cent for the full year, he said.
ADIB is also well-positioned to benefit from rising interest rates, considering its high level of current and savings account (Casa) deposits, Mr Abdelbary said.
For every 50 basis points increase in interest rates, ADIB will benefit Dh120m in terms of profitability, he previously said.
“Nearly 60 per cent of our deposits come from Casa. In the rising interest rates environment, this will give a big boost to our interest margins. Additionally, a significant portion of our financing is in the variable rate category, making our pricing very dynamic to reflect rate increases fast,” he said.
For the first half of the year, the bank reported a net profit growth of 30 per cent to Dh1.4bn, while operating income rose 7 per cent to Dh2.8bn. For the first six months of the year, impairment charges declined 38 per cent annually to Dh227m.
ADIB also continued to maintain a healthy liquidity position and a robust capital position with the common equity tier 1 ratio at 12.8 per cent, a tier 1 ratio of 16.9 per cent and capital adequacy ratio of 18 per cent as of June 30, it said.
The bank's "robust" performance was driven by "positive increases in our assets, revenues and gross financing", said Jawaan Al Khail, chairman of ADIB.
"Our performance reflects solid momentum across our core businesses under our 2025 growth strategy and improved macroeconomic conditions."
The UAE economy bounced back strongly from the Covid-driven slowdown last year and has continued momentum into this year despite global geopolitical headwinds and pandemic-related uncertainties.
The country's economy, the Arab world's second largest, is set to expand by an annual 5.4 per cent this year, driven by its success in containing the health and economic impact of the pandemic, according to the Central Bank of the UAE.
The International Monetary Fund projects that the UAE economy will grow 4.2 per cent this year, while Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank estimates a 6 per cent expansion, supported by a sharp rise in the oil sector.
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
Global state-owned investor ranking by size
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UAE
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Japan
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South Korea
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
MATCH INFO
BRIGHTON 0
MANCHESTER UNITED 3
McTominay 44'
Mata 73'
Pogba 80'
SPECS
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UAE currency: the story behind the money in your pockets
More on Quran memorisation:
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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The%20National%20selections
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Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7-inch%20flexible%20Amoled%2C%202%2C412%20x%201%2C080%2C%20394ppi%2C%20120Hz%2C%20Corning%20Gorilla%20Glass%205%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20MediaTek%20Dimensity%207%2C200%20Pro%2C%204nm%2C%20octa-core%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F12GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2014%2C%20Nothing%20OS%202.5%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2050MP%20main%2C%20f%2F1.88%20%2B%2050MP%20ultra-wide%2C%20f%2F2.2%3B%20OIS%2C%20EIS%2C%20auto-focus%2C%20ultra%20XDR%2C%20night%20mode%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2030fps%2C%20full-HD%20%40%2060fps%3B%20slo-mo%20full-HD%20at%20120fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2032MP%20wide%2C%20f%2F2.2%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%205%2C000mAh%3B%2050%25%20in%2030%20minutes%20with%2045-watt%20charger%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Google%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Fingerprint%2C%20face%20unlock%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP54%2C%20limited%20protection%20from%20water%2Fdust%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual-nano%20SIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Black%2C%20milk%2C%20white%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Nothing%20Phone%20(2a)%2C%20USB-C-to-USB-C%20cable%2C%20pre-applied%20screen%20protector%2C%20Sim%20tray%20ejector%20tool%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%20(UAE)%3A%3C%2Fstrong%3E%20Dh1%2C199%20(8GB%2F128GB)%20%2F%20Dh1%2C399%20(12GB%2F256GB)%3C%2Fp%3E%0A
More on Yemen's civil war
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
