Abu Dhabi Islamic Bank’s (ADIB’s) net profit for the first quarter of this year rose to AED389.6m ($106m), up 8.1 percent compared with the same period last year. The results marked a quarter-on-quarter increase of 16.82 per cent.

The sharia-compliant bank’s year-on-year net revenue was up 4.8 per cent, reaching AED916.9m, while credit provisions and impairments remained unchanged at AED156.8m.

Group net profit increased 10.7 per cent compared with the same period last year, to AED340.1m.

“Despite a strong first quarter for asset growth, our outlook remains moderately conservative for the full year,” said Tirad al-Mahmoud, ADIB’s chief executive officer. “We remain concerned about the impact of the slow pace of the global economic recovery on our customers and continue to keep a close watch on the recovery of the Global Banking System. Notwithstanding our caution, we will continue to invest across all segments and business units for long-term growth potential and market leadership.”

ADIB opened five new branches in the region this year, totalling 76, and is planning to open an additional four later this year. In February, the bank opened its first branch in Qatar.