Abu Dhabi Islamic Bank (ADIB) has become the latest UAE bank to expand its branch network, as banks continue to tap consumer demand for loans and services amid a booming economy.
The bank yesterday announced that it was opening three new branches in its home emirate, in Nation Towers on Abu Dhabi Corniche, the Ruwais shopping mall in Gharbia, and in the Deerfields mall in Al Bahia.
The openings take ADIB’s branch network to 83, and the number of mall branches to 18.
“ADIB is expanding rapidly because we are giving customers what they want – convenient access to high-quality products and services,” said Philip King, ADIB’s head of retail in the UAE.
“By expanding our branch network, we are extending our hospitality and the personal touch, while we have also put a strong emphasis on creating an online banking platform and mobile app that is very easy to use.”
ADIB’s new branches announcement came two days after Mashreq announced the launch of a “smart” branch in Al Ain, offering conventional and Islamic services, including a dedicated SME centre.
Mashreq in May announced the launch of its new eCube centre in Jumeirah, offering various investment services to real estate customers. In the same month a new branch in Barsha was launched by Emirates Islamic Bank.
The bank branch openings come as lenders look to take advantage of the growth of consumer loans, feeding off the country’s robust economic growth.
Retail loans rose by 6.3 per cent from January to July, according to data from the Central Bank, outstripping the growth in total loans and advances, which have risen 5.1 per cent in the same period.
Personal loans by banks to residents grew to Dh297 billion at the end of July, a year-on-year increase of 6.7 per cent, according to Central Bank figures.
ADIB’s total loan growth slowed to 1.7 per cent in the second quarter of the year, after an average of about 4.5 per cent over the previous five quarters.
jeverington@thenational.ae
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