Islamic bank posts record profits

by Richard Kilner

Story link: Islamic bank posts record profits

Outperforming predictions, Abu Dhabi Islamic Bank has recorded its largest ever quarterly profit, after increasing lending and selling off some investments.

Following its succes, the bank intends to expand its operations overseas.

According to Reuters, the bank’s profits soared by 73.4% in the three months to December 31, reaching Dh287.82m.

Full year profits rose by 35%, to Dh770.88m, the bank said in a statement.

Earnings from murabaha and mudaraba with other financial institutions rose by over a quarter to Dh673.286m, with income from fees and commissions up 35% to Dh144.54m.

Khamis Buharoon, the firm’s managing director, has said that the bank intends to increase its overseas operations to lessen its reliance on the United Arab Emirates.

Algeria and other Islamic nations are the primary targets for expansion abroad, Buharoon has said.