Profits at Abu Dhabi Islamic Bank, the capital’s biggest Sharia-compliant lender, rose 33.4 per cent increase in the fourth quarter of 2017, beating analysts’ estimates, as fees and commissions income rose and impairments dipped.
The bank's net profit for the three months to the end of December reached Dh607.2 million, up from Dh455.1m in a year-earlier period, the bank said.
Bloomberg had forecast a net income of Dh502.5m, based on estimates from two analysts.
Net revenue from funding fell 4.7 per cent year-on-year to Dh935m from Dh981.3m. Fees and commissions income rose 52.4 per cent to Dh283.3m, while credit provisions and impairments declined 33.8 per cent to Dh166.9m.
Full-year net profit rose 17.7 per cent to Dh2.3 billion from Dh1.95bn.
"Looking ahead, we believe ADIB is well positioned to take advantage of the opportunities that are expected to arise from the positive economic outlook of the UAE," said Khamis Buharoon, vice chairman and acting chief executive of ADIB. "We are confident that our financial strength and our focus on leveraging innovation and providing a high-quality banking experience will help us attract more customers and deliver long-term shareholder value."
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Read more:
ADCB, Mashreq 2017 net profits rise, but miss analysts' forecast
Economic recovery a boon for GCC banks in 2018 and beyond, says BMI
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UAE lenders have reported a mixed bag of earnings for 2017. Net profit at Dubai Islamic Bank, the emirate’s largest Sharia-compliant lender, rose 20 per cent in 2017, beating analysts' estimates; while Emirates NBD, Dubai's largest lender, said its net profit for 2017 rose 15 per cent.
However, profits at First Abu Dhabi Bank, the UAE's biggest bank by assets, fell 3.5 per cent in 2017, hurt by lower revenues and merger-related costs.
Abu Dhabi Commercial Bank recorded a 3 per cent growth in 2017 net income, while Dubai's Mashreq bank, one of the oldest lenders in the UAE, reported a 6.5 per cent increase. Both ADCB and Mashreq's net income came in below analysts’ forecast.
Commercial banks in the Arabian Gulf will benefit from the brighter macroeconomic environment this year and beyond as region’s businesses resume expansion plans, improving the operating environment and boosting credit demand, BMI research said last week.
Slowly rising interest rates and funding by the GCC governments will also support deposit growth, ensuring broader stability for the banking sector, it said.
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Letswork%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EOmar%20Almheiri%2C%20Hamza%20Khan%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20co-working%20spaces%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%242.1%20million%20in%20a%20seed%20round%20with%20investors%20including%20500%20Global%2C%20The%20Space%2C%20DTEC%20Ventures%20and%20other%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20about%2020%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
Queen
Nicki Minaj
(Young Money/Cash Money)
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
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Tips%20for%20travelling%20while%20needing%20dialysis
%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
