ADIB Egypt grows by 45% on FirstBank composite growth index During 9M-2023

According to the consolidated financial statements, Abu Dhabi Islamic Bank ADIB-Egypt achieved a composite growth rate of 45% during the first 9M- 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

ADIB-Egypt managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 124.5%, reaching EGP 3.56 bn during the first 9 months of 2023, compared to EGP 1.58 bn during the same period in 2022, an increase of EGP 1.58bn.

The bank's asset portfolio was the second contributor to this growth, increasing by 27.2% during the first 9M of the current year, reaching EGP 148.6 bn by the end of September 2023, compared to EGP 116.8 bn by the end of December 2022, an increase of EGP 31.8 bn.

Meanwhile, customer deposit portfolio was the third contributor to the growth of ADIB Egypt, with a growth rate of 18% and an increase of approximately EGP 17.6 bn during the first 9M-2023, reaching EGP 115.2 bn by the end of September 2023, compared to EGP 97.6 bn by the end of December 2022.

In addition, Total customer Financing of ADIB Egypt increased by 9.6% during the first 9M of the current year, reaching EGP 65.1bn by the end of September 2023, compared to EGP 59.4 bn by the end of December 2022, with an increase of EGP 5.7 bn.