ADIB has reported a three per cent increase in net profit, from AED 1.12 billion to AED 1.16 billion for the first half 2018.
The increase in net profit has been attributed to stable revenues, disciplined cost management as well as lower cost of credit amid a challenging environment.
In the period under review, ADIB’s expenses were 0.4 per cent lower as digitisation and efficiency initiatives controlled costs while ensuring that customers continued to experience a high-level of service.
This resulted in the cost-to-income ratio remaining relatively stable at 45.8 per cent in Q2 2018 against 45.7 per cent in Q1 2018.
The bank recorded a healthy customer financing-to-deposits ratio of 75.4 per cent maintaining a strong liquid position. Maintaining such a position was attributed to ADIB’s continued focus on building long-term relationships which saw customer deposits increase by 1.2 per cent year-on-year to reach AED 101.2 billion at 30 June 2018.
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ADIB posted a 0.6 per cent increase in total assets amounting to AED 122.9 billion compared AED 122.2 billion the same period in 2017.
Last month, ADIB welcomed its one millionth customer in the UAE double the number it had five years ago, a focus on customer service, combined with considerable investment in the bank’s digital platforms as well as a large branch network and the development of industry-leading products has seen a six per cent increase in ADIB’s year-on-year customer base.
The bank is investing in upgrading its transaction banking and trade finance propositions and systems by enhancing product capabilities and automating the finance process.
By Kudakwashe
