Abu Dhabi Islamic Bank Egypt (ADIB Egypt) reported a surge in first quarter (Q1) net profits for the year 2019, triggering a rise by 78 percent in the comparable period.
Net profits amounted to 279.44 million Egyptian pounds in Q1-19, compared to 156.78 million pounds in Q1-18, according to the bank’s filing to the Egyptian Exchange (EGX).
Net income hiked to 706.97 million pounds in the three-month period ended March, versus E566.76 pounds million in the same period the year before.
The lender’s standalone profits reached 250.11 million pounds in Q1-19, compared to 151.48 pounds million in the corresponding period in the year before.
In 2018, ADIB Egypt achieved 850.23 million pounds in profits.