Abu Dhabi Islamic Bank (ADIB) Group on Wednesday said its second-quarter net profit rose 10.1 per cent to Dh322.6 million compared to Dh360.4 million in first quarter of this year.
Despite the prevailing challenging market conditions, and an increasing number of regulatory changes, the performance from the main banking business remained strong, the bank said in a statement.
The ADIB Group net revenues for second quarter of 2012 decreased to Dh886.8 million from Dh908.3 million in the same quarter last year, reflecting a decline of 2.4 per cent.
ADIB remains one of the most liquid banks in the UAE, with advances to stable funds ratio of 80.8 per cent, customer financing to deposits ratio of 83 per cent and net due from banks and deposits with Central Bank totaling Dh12.5 billion. “Capital adequacy position under Basel II remains strong at 16.55 per cent in second quarter compared to 17.39 per cent at the end of 2011,” the statement said.
Total assets as of June 30, 2012 were Dh78.9 billion, representing an increase of nine per cent compared to Dh72.3 billion in the same quarter last year.
Net Customer Financing has increased to Dh50.3 billion, growing 4.4 per cent over the Dh48.1 billion at the end of June 30, 2011. Customer deposits grew 13.8 per cent to Dh60.5 billion, from Dh53.2 billion at the same time last year.
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