Abu Dhabi Islamic Bank achieves record growth in net profits, jumping by 124.5% to reach EGP 3.6 bn in the fir

Analysis

ADIB - Egypt achieves the fastest quarterly growth in net profits in 5 years

1/31/2024 1:10:00 PM

ADIB Egypt

Abu Dhabi Islamic Bank achieves record growth in net profits, jumping by 124.5% to reach EGP 3.6 bn in the first 9M of 2023, compared to EGP 1.6 bn in the same period of 2022, with an increase of EGP 2 bn, recording the fastest quarterly growth in 5 years.

In terms of growth rates in the past years, the Bank achieved growth of about 53% during the first 9M of 2019, but following coronavirus pandemic impact on it, its net profits fell by about 12.7% during the same period in 2020.

ADIB - Egypt was able to achieve increases again in its net profits, with growth of 26.6% in the first 9M of 2021, while achieving a growth of 48.1% in the same period in 2022.

Overall, ADIB achieved strong growth over the past year, jumping its asset portfolio by 27.2% in the first 9M of 2023, reaching EGP 148.6 bn by the end of September, compared to EGP 116.8 bn by the end of 2022, with an increase of EGP 31.8 bn, recording the fastest quarterly growth in 5 years.

The Bank's customer deposits portfolio increased by 18% during the first 9M of last year, after the Bank was able to increase its deposits by EGP 17.6 bn, registering EGP 115.2 bn by the end of September 2023, compared to EGP 97.6 bn by the end of December 2022.

Total customer loans and facilities increased by 9.59% during the first 9M of last year, with an increase of EGP 5.60 bn, to EGP 65.1 bn by the end of September 2023, compared to EGP 59.38 bn by the end of December 2022.

Net fees and commissions income jumped by 111%, reaching EGP 1.3 bn during the first 9M of 2023, compared to EGP 596.1 million during the same period in 2022, with an increase of EGP 662.3 million.

Net interest income rose to EGP 6.2 bn in the first 9M of 2023, compared to EGP 3.4 bn in the same period of 2022, with a growth of 81.7% and an increase of EGP 2.8 bn.

It should be noted that the values mentioned in the analysis and growth rates, according to the combined financial statements of ADIB - Egypt for the period ended September 30, 2023.