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Abu Dhabi Islamic Bank Q2 net profit increased 22.5%

ADIBAbu Dhabi Islamic Bank (ADIB) reported that net profit for Q2 2014, ending June 30, 2014 increased 22.5% to AED 454.8 million.


Total assets increased 15.4% year-on-year to AED 105.7 billion. Group net profit for Q2 2014 increased by 22.5% to AED 454.8 million vs. AED 371.4 million in Q2 2013 (and increased by 11.1% vs. AED 409.5 million for Q1 2014).

Group net revenues for Q2 2014 increased by 13.9% to AED 1,082.9 million vs. AED 950.6 million in Q2 2013 (and increased by 0.9% vs. AED 1,073.0 million in Q1 2014). Credit provisions and impairments for Q2 2014 decreased by 2.2% to AED 175.8 million vs. AED 179.8 million for Q2 2013 (and decreased by 18.8% vs. AED 216.4 million for Q1 2014).

Group net profit for H1 2014 increased by 21.5% to AED 864.3 million vs. AED 711.4 million in H1 2013. Group net revenues for H1 2014 increased by 15.3% to AED 2,156.0 million vs. AED 1,869.6 million in H1 2013. Credit provisions and impairments for H1 2014 increased by 7.4% to AED 392.3 million vs. AED 365.4 million for H1 2013.

Total assets as of 30 June 2014 were AED 105.7 billion, representing an increase of 15.4% from AED 91.6 billion at the end of 30 June 2013 (and an increase of 2.4% over the AED 103.2 billion at 31 December 2013). Net customer financing grew 15.4% to AED 64.9 billion, from AED 56.2 billion at the end of 30 June 2013 (and an increase of 5.1% over the AED 61.7 billion at 31 December 2013).

Customer deposits grew 18.2% to AED 79.0 billion, from AED 66.9 billion at the end of 30 June 2013 (and an increase of 4.6% over the AED 75.5 billion at 31 December 2013). Capital adequacy and liquidity: 30 June 2014 vs. 30 June 2013 and 31 December 2013. The capital adequacy ratio under Basel II at 30 June 2014, after the payment of the 2013 dividend and the Tier 1 coupons in Q2 2014, remains strong at 15.80% vs. 17.32% recorded at 30 June 2013 (16.86% at 31 December 2013).

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