ADIB Egypt posts 111.47% YoY rise in H1 profits

Abu Dhabi Islamic Bank Egypt (ADIB-Egypt) recorded an increase of 111.47 percent year-on-year (YoY) in consolidated profits in first half (H1) of 2023.

The reports were made in a bank’s financial statement filed to the Egyptian Exchange (EGX) on Sunday.

The bank’s consolidated net profit after tax reached 2.165 billion Egyptian pounds in H1 2023, going up from 1.023 billion pounds recorded during H1 of 2022.

Net interest income also climbed to 3.894 billion pounds during the January-June period of 2023, up from 2.146 billion pounds in H1 2022.

The bank’s standalone net profit after tax reached 2.087 billion pounds during the aforementioned period, rising from 972.206 million pounds the year before.

ADIB Egypt is an EGX-listed bank which provides retail, corporate, and investment banking services through 69 branches across Egypt.