ADIB Egypt’s consolidated profits hike to $44.6mln in Q1-24

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The net profits attributable to the owners of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) surged to EGP 2.11 billion in the first quarter (Q1) of 2024, compared to EGP 1 billion.

Net income from funds witnessed a year-on-year (YoY) hike to EGP 3.24 billion in Q1-24 from EGP 1.80 billion, according to the financial statements.

Basic earnings per share (EPS) hit EGP 3.71 during the January-March 2024 period, an annual growth from EGP 2.13.

Total assets climbed to EGP 191.04 billion in Q1-24 from EGP 162.26 billion at the end of December 2023, while the customer deposits increased to EGP 143.21 billion from EGP 127.03 billion.

Standalone Results

During the first three months (3M) of 2024, ADIB Egypt generated EGP 2.10 billion in standalone net profit after tax, compared to EGP 968.25 million in Q1-23.

Non-consolidated net income jumped to EGP 3.17 billion as of 31 March 2024 from EGP 1.76 billion a year earlier.

As of 31 December 2023, the lender posted consolidated net profits after tax valued at EGP 4.67 billion, up YoY from EGP 2.18 billion.