Abu Dhabi Islamic Bank says H1 net profit climb 33% in Egypt

Abu Dhabi Islamic Bank (ADIB) reported Thursday a 33 percent y-o-y rise in first half net profit in Egypt to 171 million Egyptian pounds ($19.2 million).

The UAE bank in Egypt – ADIB Egypt recorded standalone net revenue of 927 million pounds by end of June 2016, 42% y-o-y higher, according to the bank’s unaudited financial indicators that released on Thursday.

Net revenue from funding also surged 43 percent to 659 million pounds. Return on investments in debt instruments and treasury bills also rose 54 percent to 200 million pounds.

Net fees and commissions income also went up 47 percent to 176 million, while net trading income recorded 91 million pounds, marking a 33 percent y-o-y rise.

Customers’ deposits at ADIB-Egypt climbed 10 percent to 22.4 billion pounds. Total assets grew 16 percent to 27.4 billion pounds.