AN INDEPENDENT AGENCY

Abu Dhabi 2017 | FINANCE | COLUMN

TBY talks to Tirad Al Mahmoud, CEO, Abu Dhabi Islamic Bank (ADIB) on the sector.

Tirad Al Mahmoud

How would you assess the performance of ADIB last year in the context of a changing global marketplace?

We ended 2016 with a growth in revenues that was the highest within the UAE banking industry. These results were achieved despite the variety of challenges. The sluggish commodity prices, credit defaults, and poor-performing SMEs were all challenges we had to face. We not only had 5% revenue growth, but there are also very few banks in the country that had positive net income growth, and we were one of them with a 1% increase in our profitability, despite the fact we had to take AED970 billion in provisions mainly due to the impact low oil prices had on the SME sector.

What has been ADIB's strategy accomplish this growth?

Our primary strategy is to ensure customer satisfaction. Whereas corporate banking occupies approximately 33% of our business, the other 67% is individual in the consumer banking segment. We are heavily invested in a large distribution network that focuses on customer service and customer experience. For the last six years, Ethos Consultancy, an independent agency that conducts bank surveys, has positioned us as the number-one service provider in the UAE.