Abu Dhabi Islamic Bank to cut jobs as it seeks to save $136m
Abu Dhabi Islamic Bank (ADIB) is considering cutting jobs and closing branches as part of a series of cost-cutting measures. The cutbacks come as ADIB announced a growth of 4% in net profit for 2019 to AED2.6 billion while group net revenues increased by 2.5% to AED5.9 billion. Net profit margin was 4.25%, despite lower rates in the market, helped by the positive impact of the low cost of funds. The UAE economy is coming under pressure from regional geopolitical tensions and weak domestic demand, while business conditions worsened for the first time in over a decade. ADIB joins competitors such as First Abu Dhabi Bank (FAB) and Emirates NBD in cutting jobs.
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