IslamicFinance.de

Abu Dhabi Islamic Bank (ADIB) is planning to spend significant financial resources on digital technology this year. The lender is not rushing to downsize its branch network, as clients continue to value human interaction. According to Phil King, head of retail banking at ADIB, the bank is also planning to open three to five branches across the UAE next year. King noted that while mobile banking transactions at ADIB rose 49% in the first half of the year, there was a 10% drop in visits made by customers to the bank’s branches in the same period. He added that new branches would be smaller in size, ranging between 35 to 70 square meters versus the larger ones of the past. As a result of the bank’s increase in consumer lending, ADIB’s retail staff has grown 7% so far this year to 247 employees compared to a year-earlier period. ADIB's second-quarter net profit rose 8.7%, beating analyst forecast, thanks to a drop in provisions, gains in income from credit cards and other fee products.