ADIB Egypt's Net Profits jump by 114.72%, recording EGP 2.087 Bn in H1-2023

The separate financial statements of Abu Dhabi Islamic Bank-Egypt, ending on June 30 of the current year and released on the bank's official website recently, revealed a net profit increase of 114.72%, reaching EGP 2.087 bn during the first half of 2023, compared to EGP 972.206 mn during the same period in 2022, achieving an increase of EGP 1.115 bn.

net interest income increased by 87.11%, to record EGP 3.832 bn during the first six months of 2023, compared to EGP 2.048 bn during the same period of 2022, an increase of EGP 1.784 bn.

net fees and commissions incomejumped from EGP 434.010 mn during the first half of 2022 to reach EGP 821.531 mn during the first half of this year, with a growth rate of 89.29%, and an increase of EGP 387.521 mn.

The bank achieved a strong performance during the first half of the current year, as its assets grew by a growth rate of 19.15%, with an increase of EGP 22.124 bn, reaching EGP 137.516 bn by the end of June 2023, compared to EGP 115.516 bn by the end of December 2022.

The bank's deposit portfolio increased by 13.19%, with an increase of EGP 12.888 bn during the first half of the current year, reaching EGP 110.630 bn by the end of June 2023, compared to EGP 97.742 bn by the end of December 2022.

The bank also increased credit offerings to its clients by EGP 4.642 bn during the first half of the current year, with a growth rate of 8.18%, reaching EGP 61.416 bn by the end of June 2023, compared to EGP 56.774 bn by the end of December 2022.