Abu Dhabi Islamic Bank (ADIB)

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10-11-2015

Abu Dhabi Islamic Bank – Egypt’s Reveals Q3 2015 Financial Results Solidifying Continuous Growth

Cairo, 10^th of November, 2015: Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) revealed its financial results for the period ending 30 September 2015. This comes on the back of solid H1 2015 results thereby strengthening the bank’s continuous success in the Egyptian market. Compared to the similar period in 2014, highlights from the latest report show that:

Net return on funds amounted to EGP 727.9 mn, marking an increase of EGP 275.8 mn, or 61%, linked to a rise in the margin achieved from corporate and retail banking financing, in addition to EGP 2.5 bn growth in financing (30%) and EGP 3.7 bn (24%) growth in deposits.
Total revenue amounted to EGP 1,003.9 mn, marking an increase of EGP 314 mn, up 45.5%.
Pre-tax net profit amounted to EGP 458.6 mn, an increase of EGP 132.5 mn, up 40.7%.

On 20 August 2015, law No. 96 of 2015 regarding the amendment of tax rates was issued which necessitated the reassessment of assets and deferred tax liabilities using the 22.5% tax rate instead of the 30% tax rate. This resulted in an additional EGP 45 mn consumption of tax assets from within income tax expenses at the date of the preparation of financial statements on September 30th, 2015, and that is half of the total value expected for 2015.

Accordingly, net profit amounted to EGP 159.9 mn, and - excluding the impact of the tax adjustment referred to above - net profit will reach EGP 204.9 mn, falling by EGP 10.6 mn, or 5% compared to the corresponding period in 2014.

Total assets grew by EGP 2.7 bn, or 14%, to reach a total of EGP 23.1 bn.
Total funds grew by EGP 1.8 bn, or 20%, to reach a total of EGP 10.7 bn.
Total deposits grew by EGP 2.7 bn, or 16% during the period, to reach a total of EGP 19.3 bn.

Recently ADIB Egypt has been namedBestIslamic Corporate Bank in Africa – North Africa 2015andBest Islamic Commercial Bank in Africa – North Africa 2015by Banker Africa “North Africa Banking Awards” organized by CPI Financial, a leading regional publisher of financial and banking publications including Banker Middle East, Banker Africa, and Islamic Business & Finance.

“ADIB Egypt is a success story that reveals the power of strategic planning and a long-term vision coupled with dedicated implementation and the ability to adapt to various market circumstances,” said Nevine Loutfy, Managing Director and CEO of ADIB Egypt. “We are committed to serving a growing base of clients in Egypt by offering the best and most competitive portfolio of banking services and delivering them with unparalleled efficiency. We are intent not only on maintaining ADIB Egypt’s status at the forefront of the banking industry, but on continuous progress that will continue to enhance our market position. Finally, I’d like to thank each and every member of the ADIB Egypt team for their dedication and hard work which is the ultimate foundation of our success.”