Abu Dhabi Islamic Bank (ADIB), the emirate's biggest Sharia-compliant lender, and Abu Dhabi Commercial Bank said on Sunday that profits for the third quarter surged amid expectations of an improvement economic outlook.
ADIB's net profit for the three months ended September 30 rose 10.8 per cent to Dh563.9 million from Dh508.9m a year earlier, beating an average estimate of Dh531.6m from three analysts polled by Bloomberg.
The lender's revenue increased by 3.9 per cent to Dh1.42 billion from Dh1.36bn a year earlier, while its credit provisions and impairments fell 9.3 per cent to Dh242.7m from Dh267.7m.
“Notwithstanding the potential return of volatility in global financial markets and ongoing geopolitical concerns in multiple regions, we remain positive about the UAE’s economic outlook and will continue to invest in growing our market share in an increasing number of segments,” said Khamis Buharoon, ADIB’s vice chairman and acting chief executive.
“ADIB is well positioned to take advantage of opportunities that are expected to arise as the pace of economic diversification accelerates.”
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Read more:
Mashreq Q3 profits up 35% on lower impairments
Moody's maintains stable outlook on UAE banking industry on back of 'economic resilience'
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ADCB's third-quarter net profit rose 9 per cent to Dh1.09bn from Dh999m a year earlier, broadly in line with analysts' expectations, as it boosted net interest and Islamic financing income.
Three analysts polled by Bloomberg had forecast an average net profit of Dh1.05bn.
Operating income rose 9 per cent to Dh2.24bn from Dh2.07bn a year earlier.
Total net interest and Islamic financing income rose 10 per cent to Dh1.67bn from Dh1.52bn, while non-interest income increased 5 per cent to Dh569m from Dh541m.
“ADCB is well positioned to benefit from the long-term growth prospects of the UAE economy,” said Ala’a Eraiqat, chief executive of ADCB. “Our strategy is efficient, our business model is strong and we remain committed to deliver value for all our stakeholders.”
ADCB’s non-performing loans rose 10.7 per cent to Dh5.09bn at the end of September, compared with Dh4.6bn at the end of December last year.
Mashreq, the Dubai lender, said last week it posted a 35 per cent jump in third-quarter net profit to Dh561m, boosted by gains in net interest income, fees and commissions and a drop in money set aside to cover bad debt.
Bank profitability is expected to improve with the economic recovery and higher credit growth. Moody’s Investors Service is forecasting credit growth of 5 per cent for the UAE banking sector in 2018. That compares to 2 per cent in 2017, 5.8 per cent in 2016 and 8 per cent in 2015.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company%C2%A0profile
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Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The%20specs%3A%202024%20Mercedes%20E200
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The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
UAE currency: the story behind the money in your pockets
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
