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The Abu Dhabi National Takaful Company (Takaful), a subsidiary of Abu Dhabi Islamic Bank, has recorded a net profit of Dh26.42 million for the first nine months of this year compared to Dh1.24 million in the corresponding period last year, the company said in a statement. The financial statements of the company showed net profit earned in the three months period ended September 30 was Dh5.17 million compared with Dh13,822 in 2004 same period. Earnings per share stood at Dh0.44 for the nine month period against a loss per share of Dh0.02 in the 2004 nine-month period. Predictably, income from investments contributed to the net profit earnings. Investment and other income was Dh27.77 million in the first three quarters of this year, higher than the gross takaful contributions that amounted to Dh26.0 million. Expenses were put at Dh5.29 million.
The company's balance sheet showed a significant growth in assets that jumped to Dh205.78 million as of September 30 compared to Dh73.13 million in December 2004.
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