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ADIB had a good quarter: Abu Dhabi Islamic Bank (ADIB) saw its net income after zakat and tax rise 29% y-o-y to AED 1.58 in 2Q 2024, as the bank grew its assets and diversified its funding base and revenue mix, ADIB’s acting group CEO Mohamed Abdelbary said in the bank’s earnings report (pdf).The bank booked AED 2.8 bn in revenues, climbing 27% y-o-y compared to the same period last year.
And a solid half: The bank’s net income after tax in 1H 2024 jumped 30% y-o-y to AED 3.03 bn. ADIB’s revenues increased 25% y-o-y to AED 5.35 bn, on the back of robust business activity across all segments and products, coupled with sustained “strength in fee-based businesses.”
ADIB’s asset base crossed the AED 200 bn mark, rising 17% y-o-y to AED 213 bn, attributable to a record 19% y-o-y growth in customer financing and “growth in balances with the Central Bank, and growth of the investment portfolio.”
COMMERCIAL BANK OF DUBAI-
The Commercial Bank of Dubai’s (CBD) net income after tax rose 15.6% y-o-y to AED 751.5 mn in 2Q 2024, according to the lender’s financial statements (pdf). The bank’s revenues rose 9.3% y-o-y to AED 1.34 bn during the quarter.
On a six-month basis, CBD’s net income rose 18.5% y-o-y to AED 1.45 bn in 1H 2024, with revenues rising 10.1% y-o-y to AED 2.71 bn, according to its earnings release (pdf). The robust growth in the bank’s net income was attributed to “customer business activity and strong overall revenues,” CBD CEO Bernd van Linder said.
Assets and deposits: The bank saw its assets grow 14.9% y-o-y to AED 141 bn during the first half of the year, while customer deposits increased 16.5% y-o-y to AED 99.8 bn at the end of the 6-month period.
