Abu Dhabi Islamic Bank Egypt Achieves EGP 10.2 Mln Net Profit In Q1

Abu Dhabi Islamic Bank – Egypt achieved profitability in the first quarter of 2013 for the first time in its history as it achieved net profit of EGP 10.2 million, registering a year-over-year increase of 111.32%, according to the bank’s consolidated financial position statement.

The bank’s unaudited business results showed that the bank’s standalone profit reached EGP 11.3 million.

The bank’s deposit portfolio fell 7.32% to reach EGP 12.02 billion at the end of last March, compared to EGP 12.9 billion at the end of 2012.

The bank’s loan portfolio rose 4.1% to reach EGP 5.5 billion at the end of the first quarter of this year, compared to EGP 5.3 billion at the end of last year.

The bank’s net losses rose 49.9% (EGP 284.6 million) to reach EGP 854.9 million at the end of 2012, compared to EGP 570.2 in the compared period.

In addition, the volume of the ADIB’s provisions reached EGP 978.3 million.