Abu Dhabi Islamic Bank 2013 net profit jumps 20.7%

Abu Dhabi Islamic Bank has reported a net profit of Dh1.45 billion for 2013, up 20.7 per cent compared to Dh1.20 billion in 2012. The profit for the fourth quarter of 2013 increased by 41.4 per cent to Dh343.3 million. The Board of Directors recommended the distribution of 30.66 per cent cash dividends and 26.87 per cent bonus shares for 2013. Total assets have passed an important milestone and are now Dh103.2 billion, increasing by 19.8 per cent in 2013. Moreover, ADIB maintained its position as one of the most liquid banks in the UAE. ADIB Securities increased net profit for 2013 by 416.6 per cent to Dh29.7 million. With regard to Burooj, the Group’s real estate investment subsidiary, there was a reduction of commitments by a net Dh775 million vs 2012.