Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) announced its consolidated financial results for the fiscal year ended 31 December 2023, showing remarkable performance in all aspects. The results revealed a significant growth in profits and revenues, further consolidating the bank’s leading position in the Egyptian banking sector.

According to ADIB-Egypt’s consolidated financial results for the period from 1 January 2023, to 31 December 2023, net profits surged by 113%, reaching EGP 4.7bn, an increase of EGP 2.5bn compared to 2022.

In a roundtable discussion led by Mohamed Aly, ADIB-Egypt’s CEO and MD, the bank presented its impressive consolidated financial results. Highlighting a remarkable year, the results showed a 78% increase in total revenues to EGP 10.9bn, compared to 2022. Moreover, net income from fees and commissions increased by 50%, reaching EGP 1.6bn.

ADIB-Egypt’s financial indicators for the fiscal year 2023 showed that deposits reached EGP 127bn, with a growth rate of 30% y-o-y. Retail deposits amounted to EGP 57.7bn, while corporate deposits reached EGP 69.3bn.

Total bank assets rose by about 39% to EGP 162.3bn, while total credit facilities reached EGP 67bn, marking a 14% y-o-y increase.

ADIB-Egypt’s capital adequacy ratio stood at 17.98%, a 3.63% increase from the previous year. Return on equity reached 39.7%, and earnings per share increased by 16.7% to EGP 8.67, compared to 2022, after a capital increase of EGP 5bn distributed across 500 million shares.

On 31 December 2023, net income amounted to EGP 8.9bn, compared to EGP 4.8bn on December 31, 2022. Net income from fees and commissions reached EGP 1.56bn versus EGP 1.04bn in 2022.

Mohamed Aly said: “2023 has been another year of remarkable growth for ADIB-Egypt, and we are very proud of the exceptional performance the bank has delivered across the board, reflecting positively on all our core metrics.”

“Despite regional and global challenges, our robust financial results demonstrate our strategic agility and our unwavering commitment to deliver a transformative customer experience. They also serve as a powerful springboard for our next phase of growth as we continue to deliver unmatched value within the Egyptian banking sector,” he added.

Aly emphasized that ADIB-Egypt’s success over the past year is a testament to the bank’s commitment to sustainable growth. “The recognition we received from world-renowned financial institutions underscores our strategic focus on innovation and financial inclusion. We remain steadfast in our dedication to providing premier Sharia-compliant financial solutions that cater to our customers’ evolving needs,” he said.

“We are confident that by investing in digitization, developing our talents, strengthening our partnerships, and reaffirming our commitment to Egypt’s economy and sustainable development, we will sustain our stellar financial performance and propel ADIB-Egypt to even greater heights in the years to come,” he added.

He concluded by expressing his heartfelt appreciation to the bank’s employees. “The dedication and ingenuity displayed by our team throughout the year have been instrumental in achieving these exceptional results. I am truly grateful for their tireless efforts and commitment to delivering outstanding services.”

ADIB-Egypt receives multiple awards

Global Finance Magazine recognized ADIB-Egypt’s continued commitment to excellence and innovation across two significant categories. The bank’s dedication to Sharia-compliant solutions earned it the title of Best Shariah-Compliant Financial Institution for the sixth consecutive year.

ADIB-Egypt also dominated the Digital Banks category, winning four prestigious awards, including Best Digital Islamic Bank in Egypt. These accolades for cutting-edge technologies and responsive services, such as Best Adaptive Website for mobile banking services, Best Open Banking Application Programming Interfaces (APIs), and Best Commercial Financing services, confirmed ADIB-Egypt’s position as a customer-centric leader in the digital banking landscape.

ADIB-Egypt’s investment banking expertise was praised in 2023 as its subsidiary, ADI Capital, received the coveted Euromoney Islamic Finance Award for Best Islamic Financing Deal in local currency. This prestigious recognition was granted for its role in structuring the landmark EGP 3bn joint Sharia-compliant financing deal for companies affiliated with Elsewedy Electric Group, reinforcing ADI Capital’s leadership in innovative financing solutions.

Euromoney’s 2023 cash management survey named ADIB-Egypt as the Best Service Provider in Egypt’s banking technology sector, highlighting its dedication to cutting-edge solutions. The bank also secured five additional Euromoney awards, demonstrating its commitment to social responsibility, supporting small and medium-sized enterprises (SMEs), providing innovative digital solutions, and financing large corporations.

ADI Capital also achieved esteemed recognition in 2023, obtaining the Investment Leadership Award in Egypt and being named Best Islamic Bank and Best Bank for SMEs in Egypt by British Global Economics.

© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).