Abu Dhabi Islamic Bank has reported has reported a net income of AED268.3m for the first quarter of 2009, an increase of 9.8%, compared to AED244.5m for the corresponding quarter of 2008.
Total revenues for the first quarter of 2009 were AED578.9m, an increase of 22%, compared to AED476m for the same quarter of 2008.
In the first quarter of 2009, operating profit margin increased 27.9% to AED361.3m, compared to AED282.5m in the first quarter of 2008.
Total assets of the company in the first quarter of 2009 were AED55.1 billion, an increase of 24%, compared to AED44.3 billion in the same quarter of 2008. Customer deposits in the first quarter of 2009 were AED41.1 billion, compared to AED30 billion in the corresponding quarter of 2008.
Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, said: We are satisfied with our Q1 results, which show positive and sustained growth despite a challenging environment. First quarter of 2009 saw revenue grow by 22% supported by growth in our core business activities, where net revenue from financing grew 31% to AED501.4m.
