ADIB Egypt swings to $14.5m profit in 2013
Cairo, April 7, 2014
Abu Dhabi Islamic Bank (ADIB) Egypt has reported a net income of EGP103 million ($14.5 million) for the year ending December 31, 2013, compared to EGP855 million loss in 2012.
The bank reported gross revenues of EGP580 million, with an increase of EGP 190 million, or 48.7 per cent better than 2012.
The EGP958 million improvement in net income marks the first year of positive net income since the Emirati consortium acquisition in 2007.
Further, ADIB-Egypt delivered EGP156 million gross revenues in the fourth quarter (Q4) of 2013, with an increase of EGP40 million or 34.9 per cent better than the same quarter in 2012. Net Profit reached EGP34 million in Q4, representing an increase of 106 per cent compared to same quarter 2012.
The balance sheet continued to grow, with total assets of EGP16.4 billion, an increase of 12.6 per cent over 2012 driven mainly by a 23.8 per cent growth in customer finance, compared to circa 9 per cent total market growth, while Total Deposits increased by EGP1.6 billion, or 14.4 per cent to reach EGP13.1 billion as of December 31, 2013.
"ADIB-Egypt continued its steady performance and achieved considerable progress in its financial results. The 2013 results marked the first year of positive net profits since the Emirati consortium acquisition in 2007,” said Nevine Loutfy, CEO and Managing Director of ADIB- Egypt.
“The significant improvement is due to the full implementation of the restructuring plan. The plan helped develop a sharia compliant diversified portfolio and new products and services that cater to customers' financial needs.”
"The positive results we were able to achieve in 2013 mean that we are on the right track to occupy a leading position in Sharia compliant banking products and services. Accordingly, we developed an ambitious plan for 2014 with a customer centric focus,” Loutfy added.
ADIB-Egypt won the IFN Best Islamic Bank in Egypt for the fourth consecutive year and added a new award for the first time, namely the Best Mudarabah Deal for the year 2013. ADIB-Egypt also made the Bloomberg list of the largest managers of Shari'a compliant finance coverage in EMEA 2013. – TradeArabia News Service