Abu Dhabi Islamic Bank  reported Q1 net profits of AED 608mn ($165mn), up 125% YoY with a revenue increase of 3.3% YoY to AED 1.336bn ($363 mn) and a non-funding income growth of 30%. The bank said it reduced operating expenses by 7% YoY and that total assets rose 6.5% to AED 130.7bn ($35.5bn) as customer deposits increased to AED 103bn ($28bn), up 4% YoY. During the quarter, ADIB also mentioned that revenues from funding were down YoY but reported an increase in market share as well as a growth in customer financing of 5% YoY and in the whole banking portfolio of 11%. ADIB maintained a robust capital position with a Common equity Tier 1 ratio at 13.35% and a Capital adequacy ratio at 19.2%.

ADIB´s USD perps were stable. Its 7.125% 2049s at 109.869, yielding 2.8%.

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