Abu Dhabi Islamic bank repays sukuk without refinancing
Abu Dhabi Islamic Bank repaid its maturing five-year, $750 million sukuk this week from its own sources without refinancing it, the bank said on Saturday.
Abu Dhabi's largest sharia-compliant bank made a net profit of 503.2 million dirhams ($137 million) in the quarter to Sept. 30, up from 476.8 million a year earlier, it reported previously.
Chief Executive Tirad al-Mahmoud told Reuters last month that the bank had no current plans to raise more capital after a recent rights issue, adding that it would eschew expansion to focus on existing markets.
Bank lending growth in the United Arab Emirates has been slowing as liquidity tightens because of low oil prices. Industry-wide lending growth slowed to an annual 7.0 % in September, the slowest pace since at least February 2014 when the current central bank data series began.
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