Abu Dhabi Islamic Bank (Adib) reported a 10 per cent year-on-year increase in net profit for the second quarter of 2019 to Dh630.1 million as revenue for the quarter grew 6.3 per cent to Dh1.45 billion. Revenue and net profit for the first half of the year were both up 5.8 per cent year-on-year to Dh2.89bn and Dh1.23bn, respectively. The lender said growth was supported by a 3.4 per cent increase in net customer financing, which stood at Dh78.9bn at June 30, as well as increased foreign exchange and investment income. Investment income jumped 30.8 per cent to Dh161.9m, while foreign exchange revenue was up 20.8 per cent to Dh71.1m. However, credit provisions and impairments for the six-month period also increased 9.4 per cent year-on-year to Dh345m by the end of June, and customer deposits slid 1.4 per cent to Dh99.8bn. "We registered a 6.7 per cent growth in operating profit [margin]," said Mazin Manna, group chief executive of Adib. "Cost discipline initiatives were partially offset by investments in digital and strategic initiatives in order to support future business growth and improvements in the customer experience." The bank's cost-to-income ratio decreased marginally to 45.6 per cent, from 45.8 per cent a year earlier, while the increase in financing and the decrease in deposits meant its total customer financing-to-deposit ratio climbed to 79 per cent from 75.4 per cent. Mr Manna said that Abu Dhabi's Ghadan 21 initiative "continues to stimulate the economy, providing opportunities for ADIB to develop its corporate and retail banking business". "The bank has a clear strategy to capitalise on the UAE's economic growth," he added.