Abu Dhabi Islamic Bank, the biggest Sharia-compliant lender in the emirate, said that first-quarter net profit rose 19.8 per cent as money set aside for bad debt fell by almost 25 per cent amid more conservative lending and signs of economic recovery.
The bank joins a roster of big lenders in the UAE showing similar signs of improvement in the first quarter as the economy picks up.
ADIB’s net profit rose to Dh577.5 million in the first three months of the year compared to Dh482m in the same period last year, the bank said.
The latest profit figure came in well ahead of analysts’ expectations. EFG-Hermes had forecast a profit of Dh481m, while NBAD Securities had forecast Dh454m.
One positive factor in the quarter was that the bank’s credit provisions and impairments fell 24 per cent to Dh164.4m from Dh216.2m.
At the same time, though, net customer financing, a measure of lending, fell 1.2 per cent to Dh77.3 billion at the end of the quarter compared to Dh78.3bn at the end of March 31 2016.
Overall, the bank’s revenues advanced 4.3 per cent to Dh1.37bn in the first quarter versus Dh1.32bn a year earlier.
“The UAE economy is seeing stronger growth in 2017 supported by a stabilisation of oil prices and continuation of the diversification strategy,” said Khamis Buharoon, ADIB’s vice chairman and acting chief executive.
“ADIB’s strategy has delivered a solid performance in the first quarter of 2017. Delivering premium customer service remains at the heart of the bank, and this approach has enabled us to welcome over 45,000 new customers in the last 12 months.”
Last week, the global consultancy Alvarez & Marsal said in its inaugural report on the country’s banking sector that there are increasing signs of recovery.
While the profitability of UAE banks has been dented in recent years, the industry remains in better shape overall than its global peers, the consultancy said. It said that despite the recent woes of the banking industry there are some signs to cheer, such as an increase in lending despite the provisions that banks are continuing to take, as well as tighter control on expenses.
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
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The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
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Wicked
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
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Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
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What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.
Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.
When do nominations close? The process concludes on December 31.
How do I nominate someone? Through the website.
When is the ceremony? The awards event will take place early next year.
COMPANY PROFILE
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Sector: E-commerce
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Investment stage: Pre-seed
Initial investment: Undisclosed
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The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
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Director: Alfonso Cuaron
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The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
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It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
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Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
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Systematic learning of Standard Arabic grammar