Abu Dhabi Islamic Bank Egypt: 2020 net profit surges to EGP 1.195 billion in 2020

Abu Dhabi Islamic Bank Egypt (ADIB Egypt) announced on Sunday its net profit grew to 1.95 billion Egyptian pounds ($124.7 million) in 2020

Earlier, the Egyptian subsidiary of the Emirati Shariah-compliant lender ADIB made a net profit of 1.228 billion pounds at the end of 2019.

Profits before tax also rose to around 1.752 billion pounds at the end of 2020, compared with 1.707 billion pound a year earlier.

Loans and facilities surged to 40.063 billion pounds at 2020-end, compared with 30.726 billion pounds at 2019-end.

Total assets also increased to 73.885 billion pounds in 2020 from 60.324 billion pounds in 2019.

Customers’ deposits recorded 62.673 billion pounds at the end of 2020, up from 51.161 billion pounds at the end of 2019.