Abu Dhabi Islamic Bank (ADIB) posted a record net profit of AED 301.6 million for the second quarter of 2010, an increase of 55.9% over the same period in 2009.

This is the second consecutive record quarter for ADIB as it continued on its growth path by: launching its new brand positioning, "Banking as it should be", and corporate identity; launching its new e-banking and mobile platform; increasing total customer numbers to 387,017; opening its 57th branch in the UAE; increasing total assets to AED 68.3 billion; and maintaining its strong liquidity (financing to deposits ratio at 87.1%).

The Bank also continued its conservative approach to provisioning including maintaining its prudent policy of taking a minimum 1.25% collective provision.

On behalf of the Board of Directors and the management team, Tirad Mahmoud, ADIB’s CEO, said: "The second quarter of 2010 witnessed a number of achievements as we continued to position ADIB at the forefront of Islamic financial services." For the first time, he continued the Group’s quarterly net profit passed AED 300 million as the Bank’s net profit grew by 54.9% vs. the same quarter last year reflecting the new management teams’ prudent risk decisions and commitment to growth during the uncertain economic times.

"The foundation of our growth remains firmly on customer service excellence and convenient delivery channels, including: relationship managers with enhanced skills; more branches and ATMs; and a series of innovative e-solutions. The focus on customers and risk management when combined with our outstanding capital and liquidity position means that we will now be able to sustain our growth into the future and we are particularly proud that our achievements have been recognized by The Banker Middle East which recently awarded ADIB the coveted Best Islamic Bank in the Middle East title", Mahmoud added.

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