According to a statement by the bank seen (Namazon site), operating profit grew by 4.4% in the past year to reach 3.262 billion dirhams, driven by the growth in customer financing assets by 3.1% to 81.1 billion dirhams, and the income from investments increased by 30.7% to 687.0 million dirhams, along with an increase in income from foreign exchange by 23.6% to 317.5 million dirhams.
Abu Dhabi Islamic Bank has witnessed an increase in its net income during the year 2019 by 2.5% to reach 5.915 billion dirhams.
Operating expenses stabilized at 2.6 billion dirhams on an annual basis, reflecting the success of cost control initiatives that contributed to a 1% drop in the cost to income ratio, despite the bank’s investments In the digital and strategic initiatives aimed at supporting the bank’s business growth, improving the customer experience, and improving the bank’s efficiency in the future.
Total assets at the end of last year were 125.9 billion dirhams, an increase of 0.6% compared to 125.2 billion dirhams at the end of 2018.
Current account and savings accounts reached 1.7 billion dirhams (an increase of 2.5% on an annual basis) to 69.8 billion dirhams at the end of December 31, 2019, constituting 69% Of the total customer deposits of 101.4 billion dirhams, compared to 67.8% over the past year.
Provisions for financing and investment losses increased during the year 2019 by 6.1% to 658.1 million dirhams, compared with 620.1 million dirhams in 2018, with the cost of risk increasing to 78 basis points Annually.
The ratio of facilities to stable funds increased to 84.1% compared to 82.9% on December 31, 2018, reflecting effective budget management.
The adequacy ratio for the first tier of shareholders' equity stood at 13.11%, while the capital adequacy ratio was 18.88%, which is higher than the minimum regulatory requirements. >
