UAE bank ADIB has no further capital plans – CEO

Abu Dhabi Islamic Bank has no current plans to raise more capital after a rights issue last month, its chief executive Tirad al-Mahmoud said, adding that the lender would eschew expansion to focus on existing markets. The largest Islamic lender in the emirate raised Dhs 504m ($137m) in September. Mahmoud said the bank would grow by “mid-single-digits” in 2015 and its capital was sufficient for this level, though he did not say what growth he was referring to. ADIB posted a 10.5 per cent rise in net profit in the second quarter. ADIB had no plans to expand into new markets and would instead focus on where it has existing operations, he added.