• ADIB-Egypt announces consolidated financial results for fiscal year ending on Dec. 31, 2019, posting EGP 1.228 billion in net profit
• ADIB-Egypt boosts market growth; celebrates 2019 awards
• CEO: Growing customer confidence main factor in achieving our accomplishments, and success is forecast to continue at a steady pace
Cairo: Feb 24, 2020 - Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) continued its record of strong financial performance, confirmed by its consolidated financial results for the fiscal year ending on Dec. 31, 2019, which revealed the bank’s remarkable achievements, positioning them, as one of Egypt’s largest Islamic banks.
With a capital adequacy ratio of 14.10%, the Islamic financer - which offers a wide-range of sharia-compliant banking services, maintained a solid capital base that drove its steady growth and meets the regulatory capital requirements.
ADIB-Egypt net profits after taxes increased by 44% to reach EGP 1.228 billion in 2019, compared to EGP 850 million in 2018. Revenues and assets surged 21% and 22% year-on-year to reach EGP 3.738 billion and EGP 60 billion respectively.
Deposits also grew by 28% to EGP 51 billion, with credit facilities reaching EGP 31 billion, a 27% increase from 2018, thanks to a 25% growth in corporate finance to hit EGP 22 billion and a 32% increase in retail banking to reach EGP 9 billion.
Additionally, the individual deposits portfolio was up 25%, reaching EGP 34 billion, whilst corporate deposits increased by 36% to reach EGP 17 billion. The treasury unit reported growth in liquidity surplus management standing at EGP 1.5 billion, or 8%, with a rise in the assets under management portfolio allowing numbers to reach EGP 21.5 billion in 2019.
Forex revenues jumped by EGP 69, or 45%, to reach EGP 222 million year-on-year. Provisions also increased by EGP 171 million to hit EGP 407 million, compared to EGP 235 million, up 73% from 2018.
ADIB-Egypt CEO and MD Mohamed Aly said, “The bank’s remarkable financial results reflect the efficiency of our strategy, highlighting the success of Egypt’s reform program as well as the huge progress that has been seen in ADIB-Egypt’s services and products.”
“Increasing customer trust is a main driver that has allowed us to further enhance our sharia-conforming products and services along with our online banking services for retail and corporate customers alike. In addition, the bank has adopted a digital transformation strategy to help customers access even more services using modern technology applications, to optimize customer experiences, develop performance and enhance competitiveness,” Aly added.
Throughout 2019, ADIB-Egypt won seven prestigious awards from regional and international institutions, including the Global Finance magazine, the Banker Middle East, The Banker magazine, Global Banking and Finance, and International Finance. The bank was also named among Egypt’s top 100 companies during the Top 100 Summit organized by the leading economic magazine Amwal Al Ghad.
ADIB-Egypt will pursue its plan to further bolster its position by investing in upgrading and modernizing its branch network and infrastructure, as well as focusing on its human resources and the creation of new sharia-compliant products. The bank aims to deliver unique services and is keen on expanding its revenues whilst maintaining the high quality of their financing portfolio. It is this multi-faceted strategy, which has allowed ADIB-Egypt to successfully boost its competitiveness.