Abu Dhabi Islamic Bank to cut jobs as it seeks to save $136m

Abu Dhabi Islamic Bank (ADIB) is reportedly considering axing jobs and closing branches as part of a series of cost-cutting measures to save around AED 500 million ($136m). The state-controlled lender which has operations in Egypt, Iraq, Saudi Arabia and the UK is considering closing some local and international branches. The cutbacks come as ADIB announced a growth of 4% in net profit for 2019 to AED2.6 billion while group net revenues increased by 2.5% to AED5.9 billion. "At a time when competition in the banking industry has intensified, we were able to grow our revenues reflecting...