(MENAFN) Abu Dhabi Islamic Bank (ADIB) has announced impressive financial results for the first quarter of 2024, with a notable 32 percent increase in net profits after tax compared to the same period in 2023. The bank's net profits reached 1.45 billion dirhams in Q1 2024, compared to 1.1 billion dirhams in Q1 2023. These results underscore ADIB's robust performance and its strategic focus on achieving sustainable growth in its operations.
Furthermore, ADIB's net profits before tax experienced substantial growth, totaling 1.64 billion dirhams in Q1 2024, marking a remarkable 41 percent increase compared to the first quarter of the previous year. This significant growth in profitability demonstrates the bank's ability to effectively manage its operations and capitalize on emerging opportunities in the market.
The bank's revenues for the first quarter of 2024 also exhibited strong growth, recording a 24 percent increase to reach 2.5 billion dirhams, compared to 2.0 billion dirhams in the corresponding period last year. This growth was driven by positive performance across all business segments and products, reflecting ADIB's diversified revenue streams and resilient business model.
In particular, income from financing sources saw a noteworthy 19 percent growth, reaching 1.7 billion dirhams in Q1 2024 compared to 1.4 billion dirhams in Q1 2023. This growth was fueled by higher income volumes and improved margins, highlighting the bank's ability to effectively leverage its core business activities to drive revenue expansion.
ADIB's strong financial performance in the first quarter of 2024 underscores its resilience and strategic agility in navigating evolving market dynamics. The bank's continued focus on delivering value to its stakeholders and pursuing growth opportunities positions it well for sustained success in the future.
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