ADIB’s growth accelerated to 39.2% during Q3- 2023

Abu Dhabi Islamic Bank (ADIB) achieved accelerated growth in the third quarter of 2023 compared to the second quarter of the same year.

The bank recorded a consolidated growth rate of 39.2% in Q3 2023, surpassing the 31% growth rate in Q2 of the current year. These results were based on the composite growth index by First Bank, measuring bank performance in net profits, assets, total customer loans, and deposits during the analyzed period.

ADIB showed positive results across all sub-indicators, with a notable 145% growth in net profits during Q3 2023.

 The bank’s asset volume contributed to this growth, registering a 6.78% increase in Q3, while total deposits and customer loans portfolios grew by 4.25% and 0.80%, respectively, from July to September 2023.

 In Q2 of the current year, net profits also played a significant role in growth, with the bank achieving a 103% increase from April to June 2023.

The bank’s total assets secured the second position in contributing to this growth, with a rate of 10.72% in Q2 2023.

Moreover, the total portfolios of deposits, loans, and customer facilities increased by 8.75% and 1.74%, respectively, during the same period.

It’s worth noting that all growth rates are calculated based on the financial statements announced at the end of each period, as disclosed on the bank’s official website.