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ADIB Egypt’s indicators show 53% profit hike in 9M

ADIB Egypt’s indicators show 53% profit hike in 9M
Net profits leapt to EGP 967.03 million
Abu Dhabi Islamic Bank
ADIB
-5.43% 41.60 -2.39

Cairo – Mubasher: The consolidated financial indicators of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) showed a 53% year-on-year profit growth during the first nine months of 2019.

Net profits leapt to EGP 967.03 million during the January-September period from EGP 632.19 million in the year-ago period, the lender said in a filing to the Egyptian Exchange (EGX) on Wednesday.

The bank’s income from Murabaha, Musharaka, Mudaraba, and other similar income increased to EGP 5.09 billion in the nine-month period ended 30 September from EGP 4.13 billion in the same period of 2018.

At the level of standalone business, ADIB Egypt reported a net profit of EGP 871.7 million in the first nine months of the year, compared to EGP 608.4 million in the prior-year period.

It is noteworthy that during the first half of 2019, the bank’s net profits hiked to EGP 658.6 million from EGP 378.2 million in H1-18.