31-12-2013
Abu Dhabi Islamic Bank – Egypt... a year of Achievements
Remarkable Financial and Structural Results
Beside took part in a number of development initiatives that serve the Egyptian community
Cairo, December 2013– Abu Dhabi Islamic Bank (ADIB) Egypt, achieved remarkable results in 2013, especially after implementing a comprehensive restructuring plan that aimed to strengthen the bank’s business model and reinforce customer satisfaction as one of the cornerstones of the bank’s philosophy. ADIB also launched a number of Sharia’ compliant products and services to cater the customers’ financial needs and meet their expectations.
Officially changing its name to Abu Dhabi Islamic Bank – Egypt in 2013 was also a reflection of the bank’s transition on all levels including successfully transforming annual losses into profit and securing a solid position in the Egyptian market.
Despite the political unrest and the unstable economic situation throughout the year, the restructure process has positively impacted the bank’s financial results. The bank achieved net income of EGP 11.4 million in the first quarter of 2013, the second quarter witnessed double the net income of Q1 to reach EGP 22.5 million and the third quarter surpassed this to reach EGP 34.9 million with an increase of 54.7% over Q2 bringing accumulative net profits for the first nine months of the year 2013 to EGP 68.8 million, showing an improvement of EGP 329.7 compared to same period in 2012.
“The restructuring plan allowed ADIB Egypt to substantially transform from a loss making bank that has been under on-going re-structuring and development since acquisition, to a profit generating organization and capital adequacy ratio to reach 11.28%, helping the bank meet the Basel II criteria in the third quarter of 2013, all this led to growth across all business sectors,” said Nevine Loutfy, CEO and Managing Director of ADIB Egypt.
ADIB Egypt’s consumer banking sector contributed to the bank’s growth by offering a substantial growth in total consumers finance EGP 2.1 billion. The bank retained its position -among the best three banks in Egypt offering car and personal finance products, in addition to launching new products like Cashback cards, the first Shari’a compliant Credit Card in Egypt.
Meantime the bank’s wholesale portfolio grew to reach EGP 3.8 billion as of 30 September 2013, driven primarily by the large corporate customers and public sector companies.
ADIB Egypt’s comprehensive strategy did not only result in positive financials but also included the renovation of 30 branches to reflect the ADIB Egypt identity and its objectives to provide excellent banking services and make visiting the branches a unique experience to the customers. The bank also focused on enhancing customer service which was reflected in the recent field surveys conducted to measure customer’s satisfaction levels that scored 95% in Q3 2013 this result is considered among the highest satisfactory levels presently.
ADIB Egypt strongly believes that success and community service go hand in hand; and that investing in the community is investing in its sustainable success. The Bank focused on Corporate Social Responsibility (CSR) and worked in collaboration with community service organizations to support initiatives in a variety of fields, including health. The bank supported educational and public hospitals that provide vital aid and medical help to thousands of patients for free. In the education sector, ADIB has supported the training of nurses working at the 57357 Cancer Hospital and donated tuition fees for needy students. Also the Bank partnered with NGOs to help orphans develop their skills.
“Our vision for 2014 is to continue moving forward to position ADIB Egypt as an industry leader, providing comprehensive Shari’a compliant banking services with a customer-centric focus that provides innovative products and the best customer service,” said Nevine Loutfy, CEO and Managing Director of ADIB Egypt. “We aim to be the first bank of choice for retail banking customers by providing them with a bundle of innovative service that caters their financial needs. For corporates, we offer a full range of comprehensive financial solutions that provide necessary financial support for the Egyptian economy as a whole.”
