• The bank’s commitment to excellence was recognized globally in 2023, garnering an impressive 37 awards from prestigious international institutions
  • CEO and MD: "We are proud of our exceptional performance culminating in strong financial results and reflecting our commitment to providing the best services to our retail and corporate customers."

Cairo : Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) today unveiled its consolidated financial results for the fiscal year ended December 31, 2023, demonstrating remarkable performance across all fronts. Results revealed an impressive growth in profits and revenues, further solidifying the bank's leading position in the Egyptian banking sector.

ADIB-Egypt’s consolidated financial results for the period from January 1, 2023, to December 31, 2023, revealed a 113% surge in net profits, reaching EGP 4.7 billion, an increase of EGP 2.5 billion compared to 2022.

In a roundtable discussion led by Mohamed Aly, ADIB-Egypt’s CEO and MD, the bank unveiled its impressive consolidated financial results. Detailing a remarkable year, the results marked by a 78% increase in total revenues to EGP 10.9 billion, compared to 2022. Furthermore, net income from fees and commissions rose by 50%, reaching EGP 1.6 billion.

ADIB-Egypt’s financial indicators for the fiscal year 2023 revealed that deposits reached EGP 127 billion, with a growth rate of 30% y-o-y. Retail deposits amounted to EGP 57.7 billion, while corporate deposits reached EGP 69.3 billion.

Total bank assets surged by about 39% to EGP 162.3 billion, while total credit facilities reached EGP 67 billion, marking a 14% y-o-y increase.

ADIB-Egypt’s capital adequacy ratio stood at 17.98%, a 3.63% increase from the previous year. Return on equity reached 39.7%, and earnings per share rose by 16.7% to EGP 8.67, compared to 2022, after a capital increase of EGP 5 billion distributed across 500 million shares. 

On December 31, 2023, net income amounted to EGP 8.9 billion, compared to EGP 4.8 billion on December 31, 2022. Net income from fees and commissions reached EGP 1.56 billion versus EGP 1.04 billion in 2022.

Positive results across the board

Mr Mohamed Aly said, “2023 has been yet another year of remarkable growth for ADIB-Egypt, and we are very proud of the exceptional performance the bank has delivered across the board, reflecting positively on all our core metrics.”

“Despite regional and global headwinds, our robust financial results demonstrate our strategic agility and our unwavering commitment to deliver a transformative customer experience.  They also serve as a powerful springboard fueling our next phase of growth as we continue to deliver unmatched value within the Egyptian banking sector,” he added.

Aly emphasized that ADIB-Egypt’s success over the past year stands as testament to the bank’s commitment to sustainable growth. “The recognition we received from world-renowned financial institutions underlines our strategic focus on innovation and financial inclusion. We remain steadfast in our dedication to providing premiere Sharia-compliant financial solutions that cater to our customers’ evolving needs,” he said.

“We are confident that by investing in digitization, developing our talents, strengthening our partnerships, and reaffirming our commitment to Egypt’s economy and sustainable development, we will maintain our stellar financial performance and propel ADIB-Egypt to even greater heights in the years to come,” he added.

He concluded by expressing his heartfelt appreciation to the bank's employees. “The dedication and ingenuity displayed by our team throughout the year have been instrumental in achieving these exceptional results. I am truly grateful for their tireless efforts and commitment to delivering outstanding services.”

37 International Awards in 2023

2023 saw ADIB-Egypt's continued commitment to excellence and innovation rewarded as Global Finance Magazine recognized the bank across two significant categories.  The bank's dedication to Sharia-compliant solutions was honored once again by being named Best Shariah-Compliant Financial Institution for the sixth consecutive year. Additionally, ADIB-Egypt swept the Digital Banks category, securing four prestigious awards, including Best Digital Islamic Bank in Egypt. These accolades for cutting-edge technologies and responsive services, such as Best Adaptive Website for mobile banking services, Best Open Banking Application Programming Interfaces (APIs), and Best Commercial Financing services further affirm ADIB-Egypt's position as a customer-centric leader in the digital banking landscape.

ADIB-Egypt's investment banking expertise was lauded in 2023 as its subsidiary, ADI Capital, secured the coveted Euromoney Islamic Finance Award for Best Islamic Financing Deal in local currency. This prestigious recognition was bestowed for its role in structuring the landmark EGP 3 billion joint Sharia-compliant financing deal for companies affiliated with Elsewedy Electric Group, further solidifying ADI Capital's leadership in innovative financing solutions.

Euromoney's 2023 cash management survey recognized ADIB-Egypt as the Best Service Provider in Egypt's banking technology sector, highlighting its dedication to cutting-edge solutions. The bank further strengthened its leadership position through five additional Euromoney awards, acknowledging its commitment to social responsibility, supporting small and medium-sized enterprises (SMEs), providing innovative digital solutions, and financing large corporations.

ADI Capital also garnered esteemed recognitions in 2023, securing the Investment Leadership Award in Egypt and being named Best Islamic Bank and Best Bank for SMEs in Egypt by British Global Economics.

-Ends-

About ADIB-Egypt

ADIB-Egypt is an award-winning bank that launched its operations in Egypt after the acquisition of National Bank for Development, through an Emirati consortium between Abu Dhabi Islamic Bank and Emirates International Investment Company in 2007.

As part of ADIB Egypt’s strategy as a universal bank focused on providing a wide range of modern and Shariah-compliant financial solutions to its corporate and individual clients, advanced infrastructure has been developed, in addition to renovating a vast network of 70 branches and over 100 ATMs deployed across the republic's governorates through a team of qualified personnel.

ADIB-Egypt is committed to providing innovative technology that includes all digital products, and integrating the latest smart methods in Fintech to provide customers with further convenience, as we continue providing the latest e-payment technologies, and keep pace with the latest state-of-the-art smart technologies, seeking sustainable growth linked to service level, employee efficiency and market-share growth.

Aiming at integrating its services, ADIB-Egypt established its investment banking arm, ADI Capital, and a leasing company, ADIFinance, and an asset management arm. In 2020, the bank established two more companies: ADI Microfinance and ADI Consumer Finance, in response to growing customer needs, and to provide appropriate and immediate services using digital financial technology.

Media Relations Director: Asmaa Ghoneim
Contact: 01000681421 - a.ghonem@vantage.com.eg