Cairo – Mubasher: The initial financial results of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) showed a 44% year-on-year profit surge during 2019.

The lender reported net profits of EGP 1.228 billion last year, compared to EGP 850.239 million in 2018, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The bank’s deposit portfolio grew by 28% to EGP 51.161 million in 2019 from EGP 39.888 million in the prior year, while net loans and credit facilities rose by 27% to EGP 30.915 million from EGP 24.289 million in 2018.

As for standalone business, ADIB Egypt’s net profits went up by 37% to EGP 1.102 billion last year from EGP 803.907 million the year before.

It is worth mentioning that during the first nine months of 2019, the bank’s net profits amounted to EGP 967.03 million, up from EGP 632.19 million in the year-ago period.