Daily News Egypt

ADIB profits record EGP 157m end-March - Daily News Egypt

Advertising Area

Advertising Area

ADIB profits record EGP 157m end-March

Q1 saw big shift in bank’s financial performance, says CEO

Abu Dhabi Islamic Bank – Egypt (ADIB) realised net profits of EGP 157m in the first quarter (Q1) of 2018 that ended on 31 March, up from EGP 74m in Q1 2017, marking an increase of 113%.

“Q1 2018 represents a major positive turning point in ADIB’s financial results. The bank’s net profit reached EGP 157m, which is a major achievement and strong indicator of the bank’s outstanding performance that reflects the high expectations for our future.

Not only is ADIB’s success measured by its financial results, but also by how the bank managed to adapt itself to the changing needs of customers and its innovative Shariah-compliant solutions.

We will continue to find new and creative solutions to keep up with the global demands of today’s continuously evolving banking sector,” said Mohammed Ali, CEO and managing director of ADIB – Egypt.

ADIB recently succeeded in managing a $200m short-term facility from the African Export-Import Bank (Afreximbank).

Commenting on the transaction, Ali said that the bank’s success in managing and coordinating  it was a continuation of the bank’s success story in Egypt. “The bank’s efforts were crowned with Global Finance Magazine’s Best Islamic Financial Institution in Egypt for 2018 award,” he added.

Moreover, the award was the latest in a string of prizes the bank received in 2017 that included Banker Africa Magazine’s Best Islamic Bank, Best Islamic Bank for SMEs, and Best Islamic Bank in Retail Banking in North Africa, in addition to Islamic Business and Finance Magazine’s awards for Best Islamic Bank in Retail Banking and Best Islamic Bank for SMEs in Egypt.

Throughout the first quarter of 2018, the bank achieved total revenues of EGP 711m, up from EGP 584m in the first quarter of 2017, an increase of 25%.

That was driven by a growth in total deposits that reached EGP 34bn and an increase in customer financing by 17% reaching EGP 19bn, a 24% growth in net income.

In the activity sector, the bank’s corporate finance portfolio grew by 21% to reach EGP 13.5bn, while retail banking continued to grow to reach a financing portfolio of EGP 5.5bn.

The treasury division continued to manage the bank’s liquidity with assets under management (AUM) reaching EGP 18.2bn.

In addition, loans to deposits at ADIB scored 59% in Q1 2018, down from 64% in Q1 2017, but up from 52% in Q1 2016 and 55% in Q1 2015.

Provisions saw a boost of EGP 163m compared to EGP 50m during the same period of 2017, an increase of EGP 114m or 100%.

The bank continued its policy of maintaining a strong capital base to support its steady growth in activity in compliance with capital management requirements, reaching a capital adequacy ratio of 12.83%.

Over the past few years, ADIB-Egypt has become an important landmark on the regional and global Islamic banking map.

The bank has adopted an expansionist strategy in Egypt that is based on realising a wide geographical distribution, while giving clients the best banking services through 70 branches, which contributes to merging more clients into the banking sector and pushing the Egyptian economy forward.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter