ADIB Egypt achieves strong performance in its financial Efficiency indicators during 2023
First Bank
Abu Dhabi Islamic Bank ADIB-Egypt has achieved progress in its financial efficiency indicators during the last year, The following analysis highlights bank's development in financial efficiency indicators during 2023.
The Consolidated financial statements of ADIB Egypt, ending on December 31 2023, revealed that the bank achieved a return on average equity (ROE) of 40.18% during 2023, compared to 27.25% during 2022.
The return on average assets of the bank was 3.35% during the last year, compared to 2.11% during 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 113.42%, reaching EGP 4.67 bn during 2023, compared to EGP 2.19 bn during the same period in 2022, an increase of EGP 2.48 bn.
In terms of earnings per share, the bank recorded a growth rate of 16.69% during 2023, with the bank's share of net profits reaching about EGP 8.67 per share during the 2023, compared to EGP 7.43 during 2022.
It is worth mentioning that the bank achieved a growth of 61.32% in its Equity portfolio during 2023, as it increased from EGP 8.90 bn at the end of December 2022 to EGP 14.36 bn at the end of December 2023 an increase of EGP 5.46 bn.
The bank's asset portfolio also surged by 39% during the last year, reaching EGP 162.26 bn at the end of December 2023, compared to EGP 116.83 bn at the end of December 2022, an increase of EGP 45.43bn.
