Wednesday 24 July 2024

ADIB repays sukuk without refinancing

ABU DHABI, November 7, 2015

Abu Dhabi Islamic Bank repaid its maturing five-year, $750 million sukuk this week from its own sources without refinancing it, the bank said on Saturday.

Abu Dhabi's largest sharia-compliant bank made a net profit of Dh503.2 million ($137 million) in the quarter to Sept. 30, up from Dh476.8 million a year earlier, it reported previously.

Chief executive Tirad Al Mahmoud told Reuters last month that the bank had no current plans to raise more capital after a recent rights issue, adding that it would eschew expansion to focus on existing markets.

Bank lending growth in the UAE has been slowing as liquidity tightens because of low oil prices.

Industry-wide lending growth slowed to an annual seven per cent in September, the slowest pace since at least February 2014 when the current central bank data series began.-Reuters

Tags: Abu Dhabi Islamic bank |

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