Abu Dhabi Islamic Bank Egypt 2019 net profit jumps 44%

Abu Dhabi Islamic Bank Egypt (ADIB Egypt), part of the UAE’s largest sharia-compliant lender, posted a 44 percent rise in annual net profit, its chief executive announced on Monday.

The bank made a net profit of 1.228 billion Egyptian pounds ($78.7 million) in 2019, up from 850.2 million pounds a year earlier, Mohamed Aly told reporters at a press conference in Cairo.

ADIB Egypt’s total assets also surged 22 percent to 60 billion pounds in 2019 from 49 billion pounds in 2018, Aly said.

Customers’ deposits rose 28 percent to 51.2 billion pounds in 2019 from 39.9 billion pounds a year earlier, the banking official added. Net loans and facilities to customers inched 27 percent higher to 30.9 billion pounds in 2019, compared with 24.3 billion pounds in 2018.

ADIB Egypt’s chief executive also said the bank also saw a 37 percent year-on-year rise in its standalone profits to 1.1 billion pounds in 2019 from 803.9 million pounds in 2018. Income from Murabaha, Musharaka, Mudaraba, and revenue also grew to 5.09 billion pounds from 4.13 billion a year earlier.