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ADIB-Egypt’s profits jump by 35% to EGP 850m in 2018 - Daily News Egypt

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ADIB-Egypt’s profits jump by 35% to EGP 850m in 2018

Bank to settle tax disputes of EGP 1bn by 2020, says ADIB-Egypt’s CEO


Abu Dhabi Islamic Bank (ADIB) – Egypt has made a significant jump in its consolidated profits to record a net profit after taxes of EGP 850m in 2018, compared to EGP 632m in 2017, an increase of 35%. The bank’s total revenues amounted to EGP 3,1bn, an increase of 18% equivalent to EGP 474m.

The profits hike was supported by a growth in deposits of EGP 10.06bn to EGP 39.9bn, an increase of 34%, besides an increase of EGP 7.7bn or 47% in net loans to reach EGP 24.3bn.

“The bank’s performance was remarkable over the past year in terms of operation and restructure, in addition to reducing losses which are expected to end next year,” ADIB – Egypt’s CEO, Mohamed Aly, said on Tuesday.

He added that the bank has started to develop its financial position to meet the expectations of both shareholders and customers and expanding the bank’s capacity to cope with its network of branches and employees, which contributed to making this growth in budget, jumping from EGP 35bn to EGP 50bn in the fourth quarter of 2018.

The ADIB-affiliated National Company for Glass and Crystal has also seen a leap in its business results in 2018, and now is being prepared to be sold in 2019. Additionally, the bank will restructure six other affiliated companies in preparation for selling them as they are not part of the bank’s main activities, including Assiut Islamic Trading (AITG), Assiut National Agricultural Development, El Kahera El Watania Investment, Cairo National Company for Brokerage and Securities, Alexandria National Company for Financial Investment, and Eastern National for Trading and Development.

 

Aly stated that the bank’s loan portfolio has increased to EGP 17.3bn in 2018, a growth of 54.1% compared to 2017, while the deposit portfolio reached EGP 12.5bn, a 53.2% increase compared to 2017. The bank’s retail banking portfolio has also grown to reach EGP 6.8bn, a 32.8% increase, while the deposit portfolio for individuals reached EGP 27.7bn, a 26.4% increase.

Aly disclosed that the ADIB settled the bank’s disputed tax in 2018, as it paid the taxes on the yields of treasury bills and bonds for the fiscal years from 2009 to 2017, estimated at EGP 994m, benefiting from the exemption law that exempted the bank from 90% of the interest after the settlement.

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https://dailyfeed.dailynewsegypt.com/2019/02/26/adib-egypts-profits-jump-by-35-to-egp-850m-in-2018/
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