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Abu Dhabi Islamic Bank (ADIB) posted a net profit of 1.16 billion dirhams in the first half of 2018, up 3 percent from the same period last year, while profits from the second quarter rose by 3.8% to AED 552.7 million In the second quarter of 2017.
Total badets at the end of June 2018 increased by 0.6% to 122.9 billion dirhams against 122.2 billion dirhams in the corresponding period of 2017. The net result of the bank in the first half of 2018 decreased by 1.9% to 2.73 billion dirhams against 2.78 billion dirhams in the first half of 2017.
Realize Stable incomes despite a challenge and characterized by the application of rigorous management of environmental costs, as well as working to reduce the losses of funding. The Bank's strategy remains focused on providing its banking experience to more than one million clients. As a result, customer deposits increased by 1.2% year-on-year to AED 101.2 billion as of June 30, 2018. The Bank maintained its position as one of the UAE's most liquid banks with a customer / deposit ratio of 75.4%.
The Bank continued its cautious approach to financing and managing its capital, resulting in a 0.6% decrease in customer financing badets to AED 76.3 billion by June 30, 2018
Key Indicators of Activity
Abu Dhabi Islamic Bank has one million clients in the United Arab Emirates, twice as many as five years ago. The Bank's continued focus on providing exceptional customer service, significant investments in the development of its digital banking platform, an extensive branch network, and continued efforts to develop industry-leading products have led to an increase in revenue. 6% of the number of active customers. To reach more than 1 million customers.
The Bank's expenses decreased by 0.4% thanks to digital platform and channel programs and to improve the efficiency and productivity of its employees while ensuring the best possible service. At 45.8% Compared with 45.7% in the first half of 2017.
The cost of financial losses improved, the total provisions for credit losses and investments falling by 23.6% to 165, AED 3 million in the second quarter of 2018. Provisions for credit losses are calculated using the credit loss method. Expected in accordance with IFRS 9 newly adopted.
As part of its digital transformation strategy, the Bank has introduced new enhancements and features to its application for smart banking. Today, more than 50% of the ADIB customer base is operational to interact with the bank, realizing more than 2 million transactions per month.
Risk Management
In accordance with the recently adopted IFRS 9, the customer financing rate clbadified in "Phase III" is 5.5%, with total financing badets of this category currently in the bank AED 4.38 billion. During the second quarter of 2018, ADIB made an additional provision of AED 165.3 million on customer financing badets. The bank's total provision for financing and investment losses was AED 3.32 billion, representing a coverage rate of 75.7% of the total portfolio.
The Bank maintained its position among the most liquid banks in the UAE. Deposits of the bank at 75.4%. The main factor in maintaining the best customer-to-deposit ratio in the market is the desire to build long-term customer relationships, resulting in a 1.2% increase in customer deposits to $ 101.2 billion. of dirhams. As at June 30, 2018.
Client financing badets declined slightly as the Bank continued to focus on maintaining capital to cope with any unforeseen macroeconomic fluctuations.
Equity
Total equity (Including Tier 1 capital instruments) reached AED 16.5 billion after 30 years June 2018, representing an increase of 6.2% from one year to the next and a cumulative growth rate of 6.4% over three years. The Bank's Tier 3 capital adequacy ratio is currently 16.83%, the Tier 1 capital adequacy ratio of 15.74% and the Tier 1 capital ratio category I of 10.28%, higher than the regulatory minimum set by the Bank. Central.
The increase in quality investments that the bank has injected into its growth ambitions, and the bank's efforts to control costs in the second quarter contributed to a marginal marginal increase in the operating ratio. at 45.8% vs. 45.7% Since 2018.
The number of employees of the bank reaches 2030 employees by the end of June 30, 2018. The bank is one of the leading national banks in the field of recruitment, development and the encouragement of local talent in all markets. For 753 staff members.
Comments from Management
Khamis Buharoun, Acting Vice President and General Manager of ADIB, said: "The good financial results we have achieved during the first half of this year, with a profit net growth of 3% to AED 1.16 billion, our efforts to achieve stable and sustainable growth.
Through our network and our innovative digital banking solution, our network of new agencies continues to attract new clients, Reduce costs too, which has undoubtedly affected the bank's profit positively. "The bank took a new step in the second quarter surpbading the threshold of one million customers in the UAE, doubling the number of its customers five years ago and 6% in 2017. "We are committed to the Bank's position as a leading financial institution able to meet the needs of its client. diversified, thanks to our constant focus on providing an award-winning and award-winning banking experience. As an example, we are proud to have received The Banker's "Best Islamic Bank of the World", the highest award of the Financial Times magazine for Islamic financial institutions around the world.
Our strategy now is to focus on innovation and leverage our digital capabilities to enhance both revenue growth and productivity. We are constantly introducing new digital features at an accelerated pace, especially as more and more customers prefer to interact with us digitally. Our efforts to create community-based digital platforms have been of great interest, particularly to the younger client segment, as these initiatives provide an additional point of contact for discussing financial issues with the UAE community.
Despite strong competition in the banking market We are confident that ADIB is well positioned to capitalize on the continued economic development and diversification of the UAE, and continue to provide the best products and services to our customers, benefiting from the strength of our financial center and our innovative efforts.
Among the initiatives being implemented, we wish to benefit from an improvement in the economic environment, which should remain healthy in the second half of 2018. The Bank will continue to implement its three-pronged strategy to maintain its position. leadership in the UAE market and consolidate its position as a finance services group and strengthens its international presence.
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