ADIB Egypt grows by 42% on FirstBank composite growth index during Q1-2024

The financial statements of Abu Dhabi Islamic Bank, announced at the end of the financial period ended March 31, revealed that the Bank was able to achieve a composite growth rate of 42% during the period from January to March 2024.

This rate was measured by a composite index developed by 'First Bank' to measure the financial performance of banks by one digit, across all branches of activity that include net profits, deposit portfolio, loan portfolio and asset portfolio, during the first quarter of the current year.

The Bank was able to achieve positive results in its four sub-indicators consisting of First Bank index, led by its net profits, which accounted for the largest percentage in the growth of the Bank's activity at 110.50% with an increase of about EGP 1.11bn, to record EGP 2.12 bn during Q1 of 2024, compared to 1.1 bn during Q1 of 2023.

The Bank's total customer loans portfolio contributed to this growth to gain second place with a growth rate of 27% and an increase of EGP 18.18 bn during Q1 of this year, registering about EGP 85.59 bn by the end of March 2024, compared to 67.40 bn by the end of December 2023.

The bank's total asset portfolio was the third contributor to this growth, having risen by 17.74% and an increase of EGP 28.79 bn during Q1 of this year, registering EGP 191.04 bn by the end of March 2024, compared to 162.26 bn by the end of December 2023.

Total customer deposits surged by 12.74% and an increase of EGP 16.18 bn during Q1 of this year, to record EGP 143.21 bn by the end of March 2024, compared to 127.3 bn by the end of December 2023.