Abu Dhabi Islamic Bank – Egypt’s Deposits Grew 14.8% In Q1

Abu Dhabi Islamic Bank – Egypt’s deposit portfolio rose 14.8% (EGP 1.25 billion) in the first quarter of 2013 to reach EGP 9.76 billion at the end of last March.

Net revenue from funds surged 44.3% (EGP 26.8 million) to reach EGP 87.4 million at the end of last March.

The bank’s standalone financial statements showed that the bank’s net revenues increased 44.3% (EGP 34.8 million) to reach EGP 87.4 million.

Since ADIB’s acquisition on the bank in the third quarter of 2007, the bank has achieved profitability for the first time as its net profit registered EGP 11.4 million.

The bank’s balanced and funds held by the Central Bank of Egypt fell EGP 309.3 million to reach EGP 823.4 million at the end of last March, compared to EGP 1.132 billion at the end of 2012.

The bank’s balances held by other banks dropped EGP 247 million to reach EGP 1.466 at the end of the first quarter of 2013, compared to EGP 1.713 billion at the end of last year.