Cairo – Mubasher: The financial indicators of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) showed an 18% year-on-year (YoY) drop in its consolidated profits during the first quarter of 2020.

ADIB Egypt achieved net profits of EGP 230.35 million in the January-March period, compared to EGP 279.44 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The bank’s income From Murabaha, Musharaka, Mudaraba and other similar income rose to EGP 1.79 billion in Q1-20 from EGP 1.59 billion in Q1-19.

As for standalone business, ADIB Egypt reported net profits of EGP 228 million in the three-month period ended on 31 March, down from EGP 250.1 million in the corresponding period a year earlier.

It is noteworthy to mention that in 2019, the lender’s net profits surged to EGP 1.228 billion from EGP 850.239 million in 2018.