Companies contribute 49% to ADIB Egypt's net profits in Q1-2023
Abu Dhabi Islamic Bank - Egypt has achieved strong profits during the current year, primarily driven by significant growth in individual and corporate profits, allowing the bank to maintain its strong performance in the Egyptian banking market.
The consolidated financial statements of Abu Dhabi Islamic Bank revealed a net profit of EGP1.02 bn in the first quarter of 2023, compared to EGP444.3 mn in the same period of 2022, representing an increase of EGP562.49 mn.
The bank's net profits came from various sectors, but its net profits from companies (including current accounts, deposits, current accounts (Mudaraba), financing, credit facilities, and financial derivatives) contributed the most to the bank's net profits, representing 49.22% during the first quarter of 2023.
Net profits from companies of Abu Dhabi Islamic Bank increased by 160.41%, reaching EGP495.53 mn in the first quarter of 2023, compared to EGP 190.29 mn in the same period of 2022, an increase of EGP305.25 mn.
The bank's net profits from individuals (including current accounts, savings, deposits, credit cards, personal finance, and Mortgage finance) showed the fastest growth among its various banking activities, jumping by 350.22% to reach EGP351.83 mn in the first quarter of 2023, compared to EGP78.15 mn in the same period of 2022, an increase of EGP273.69 mn.
Net profits from individuals accounted for 34.95% of Abu Dhabi Islamic Bank's net profits during the first quarter of 2023.
Net profits from investments (including merger and acquisition activities, investment purchases, corporate restructuring financing, and financial instruments) represented the smallest share of the bank's net profits, contributing 15.81% during the first 3 months of 2023.
Net profits from investments increased by 40.86%, recording EGP159.21 mn in the first quarter of 2023, compared to EGP113.03 mn in the same period of 2022, an increase of EGP46.18 mn.
As for net profits from other activities (including other banking activities such as asset management), they amounted to EGP211,000 in the first quarter of 2023, compared to EGP 62.84 mn in the same period of 2022.
