The Abu Dhabi market index ADXGI rebounded by 0.60 per cent to hit 4,689.20 points on Wednesday, February 5. Abu Dhabi Islamic Bank (ADIB) jumped by 6.25 per cent to AED7.65. Earlier in the day, the bank said group net profit for 2013 increased by 20.7 per cent to AED1,450.2 million, after taking credit provisions and impairments of AED780.4m, versus a net profit of AED1,201.2m in 2012 after taking credit provisions and impairments of AED802.3m. ADIB said in a filing to the market: “The expansion into new customer segments, including long-term expatriates and emerging commercial entities, while remaining loyal to the core UAE National customer base and large corporates, saw the number of active customers served by ADIB increase by 14.0 per cent in 2013 to 577,565.” ADIB’s CEO, Tirad Mahmoud, says that his bank also eyes expanding abroad by the end of 2013, in particular, to North Africa. “Algeria is a promising market,” says Mahmoud, who adds that he intends to increase ADIB’s market share in Saudi Arabia.
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