ADIB Egypt grows 24.56% on First Bank’s composite growth index during 9M-22

Abu Dhabi Islamic Bank Egypt recorded a composite growth rate of 24.56% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during 9M-22.

ADIB Egypt was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profits that recorded a growth rate of 48.10%

The Bank’s net profit recorded EGP 1.583 during the first 9 months of 2022, compared to EGP 1.069 during the same period of 2021.

In addition, the bank's loans and facilities to customers  jumped by 21.45% to record EGP 57.12 billion at 9M-22, compared to EGP 47.04 billion at the end of December2 2021 with an increase of EGP 10.1 billion.

The assets portfolio jumped by 15.78% to stand at 104 billion pounds by 9M-22, compared to EGP 90.55 billion by the end of December 2021 with an increase of EGP14.3 billion.

However, the deposit portfolio seen a growth of 12.9% standing at EGP65 billion at 9M-22, compared to EGP 75.68 billion at the end of 2021 with an increase of 9.7 billion pounds.