ADIB Egypt records higher profits in H1-24; assets hit $4.27bln

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Cairo – Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) posted consolidated net profits amounting to EGP 4.57 billion in the first half (H1) of 2024, versus EGP 2.16 billion in H1-23.

Net interest income reached EGP 7.04 billion in H1-24, up year-on-year (YoY) from EGP 3.89 billion, according to the financial statements.

During the first six months (6M) of 2024, the basic earnings per share (EPS) grew to EGP 7.74 from EGP 4.43 in H1-23.

Total assets hiked to EGP 210.75 billion at the end of June 2024 from EGP 162.25 billion as of 31 December 2023.

Standalone Financials

In H1-24, the EGX-listed bank recorded an annual surge in standalone net profit after tax to EGP 4.49 billion during H1-24, compared to EGP 2.08 billion.

Non-consolidated net income from funds grew YoY to EGP 6.92 billion in H1-24 from EGP 3.83 billion.

Results for Q2

The lender achieved consolidated profits valued at EGP 2.45 billion in the second quarter (Q2) of 2024, up from EGP 1.16 billion in Q2-23.

Basic EPS widened to EGP 4.03 in Q2-24 from EGP 2.30 a year earlier, while the net interest income jumped to EGP 3.80 billion from EGP 2.08 billion.

Meanwhile, the standalone profits soared to EGP 2.38 billion from EGP 1.11 billion, whereas the net income from funds increased to EGP 3.75 billion from EGP 2.06 billion.

During the January-March 2024 period, ADIB Egypt witnessed higher net profits attributable to the owners at EGP 2.11 billion, compared to EGP 1 billion in Q1-23.