Cairo – Mubasher: Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) achieved a 126.60% leap in consolidated net profit after tax to EGP 1 billion during the first quarter (Q1) of 2023, compared with EGP 444.29 million in Q1-22.
The earnings per share (EPS) increased to EGP 2.12 in January-March 2023 from EGP 1.87 in the corresponding three months (3M) in 2022, according to the income statements.
Net fees and commission income soared to EGP 420.78 million in Q1-23 from EGP 201.93 million in Q1-22, while the net income from funds surged to EGP 1.80 billion from EGP 973.25 million.
The lender’s total assets stood at EGP 125.70 billion at the end of March 2023, compared to EGP 116.82 billion as of 31 December 2022.
Standalone Business
ADIB Egypt witnessed a year-on-year (YoY) jump of 128.41% in non-consolidated net profit after tax to EGP 968.25 million in Q1-23, compared to EGP 423.90 million.
The bank generated net fees and commission income of EGP 405.53 million in Q1-23, which was higher than EGP 191.60 million in Q1-22.
The standalone net income from funds also soared to EGP 1.76 billion during January-March 2023 from EGP 951.63 million.
In 2022, the listed bank announced consolidated net profits worth EGP 2.18 billion, while the standalone net profits amounted to EGP 2.12 billion.
It is worth noting that the parent entity, which is trading on Abu Dhabi Securities Exchange (ADX), achieved net profits worth AED 1.10 billion in Q1-23, compared to AED 715 million in Q1-22.
