IslamicFinance.de

Abu Dhabi Islamic Bank (ADIB) reported nearly flat third quarter net profit, thus being the latest bank in the United Arab Emirates to suffer from a rise in bad loans as a result of the economic impact of lower oil prices. ADIB made a net profit of 508.9 million dirhams ($139 million) in the three months ending Sept. 30, compared to 503.2 million dirhams in the same period a year ago, up 1.1%. Earlier this month, ADIB chief executive Tirad al-Mahmoud said the bank's earnings in the second half would be similar to the opening six months of 2016. ADIB booked credit provisions and impairment charges totalling 267.7 million dirhams in the third quarter, compared to 193.0 million dirhams in the year-ago period. Net revenues in the third quarter were up 7%, reaching 1.37 billion dirhams compared to 1.28 billion dirhams in the prior-year quarter.