UAE: Abu Dhabi Islamic Bank (ADIB) reported a record net profit of AED316.6 million (US$86 million) in the second quarter of 2011, a 5% increase over the same period in 2010, due to the strong growth in its main banking business.
During the period, revenues rose 17.1% to AED875.6 million (US$238 million), while net financing climbed 6.4% to AED48.1million (US$13 million).
However, total credit provisions rose to AED2.57 billion (US$700 million), amounting to 5.07% of gross customer financing and representing a pre-collateral non-performing coverage ratio of 52.9%.
It also booked a further AED86.9 million (US$23.7 million) in impairments against the portfolio held by its real estate subsidiary, Burooj Properties.