ADIB Egypt grows by 49% on FirstBank composite growth index During 2023

According to the consolidated financial statements, Abu Dhabi Islamic Bank ADIB-Egypt achieved a composite growth rate of 49% during the last Year.

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 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 113.42%, reaching EGP 4.677 bn during 2023, compared to EGP 2.190 bn during 2022, with an increase of EGP 2.484 bn.

The bank's asset portfolio was the second contributor to this growth, increasing by 39% during the last year, reaching EGP 162.3 bn by the end of December 2023, compared to EGP 116.8 bn by the end of December 2022, an increase of EGP 45.42 bn.

Meanwhile, customer deposit portfolio was the third contributor to the growth of ADIB Egypt, with a growth rate of 30.14% and an increase of approximately EGP 29.418 bn during 2023, reaching EGP 127 bn by the end of December 2023, compared to EGP 97.6 bn by the end of December 2022.

In addition, Total customer Financing of ADIB Egypt increased by 13.51% during the last year, reaching EGP 67.4bn by the end of December 2023, compared to EGP 59.4 bn by the end of December 2022, with an increase of EGP 8.020 bn.