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Abu Dhabi Islamic Bank revealed yesterday the 2005 year-end financials, making a Net Profit after Distribution to Depositors of AED 344.7 million a 180% growth in comparison to AED 122.9 million in 2004.
This remarkable growth in profit comes as result of the expansion plans and growth in assets the bank had adopted earlier last year, where the later has grown by 75% amounting to AED 22.2 billion compared to AED 12.7 billion in 2004.
Customer Deposits represented 81% of Total Assets amounting to AED 18 billion in 2005, an 88% growth in comparison to AED 9.6 billion in 2004. Significantly, Operating Income has increased three folds since 2004, making an Operating Income of AED 1.5 billion in 2005 compared to AED 491 million showing a growth rate of 196%. The rise is resulted from diversified income from various products, innovative banking services, sturdy Customer base and business expansion. In order to contemplate such growth, there was an increase in Operating Expenses for 2005 amounting to AED 385 million against the AED 224 million in 2004, pulling off a growth of 72%. All above figures are subject to approval by the U.A.E. Central Bank in accordance with the Banking regulations in U.A.E.
Meanwhile, Mr. Ahmed Darweesh Bin Dagher Al Marar, Managing Director of Abu Dhabi Islamic Bank, stated that the powerful performance of the bank came as a result of united efforts by all its employees, customers’ confidence, reputation of being a leading local Islamic bank, the expansion and development plan in U.A.E. and financing vital projects which have always reflected profits for investors and all other national sector, assuring the bank’s tight conjunction with the local market business entities and organizations.
The Managing Director of Abu Dhabi Islamic Bank added the Bank’s retention of the required reserves and provisions to ensure a solid performance in the coming years, in addition to its credit and financial competency which will reinforce its competitive ability in the local and foreign markets. He also indicated a prosperous performance throughout 2006 and in the years to come.
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