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ADIB Egypt's profit rises 44% in Q1

ADIB Egypt's profit rises 44% in Q1
Net interest income fell to EGP 804.06 million
Abu Dhabi Islamic Bank
ADIB
-0.17% 11.49 -0.02

Cairo – Mubasher: Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) recorded consolidated net profits of EGP 332.22 million in the first quarter (Q1) of 2021, up by 44.22% year-on-year (YoY) from EGP 230.35 million, including minority shareholders’ rights.

The bank’s income from Murabaha, Musharaka, Mudaraba, and similar income rose to EGP 1.85 billion in Q1-21, compared to EGP 1.79 billion in Q1-20, according to a bourse disclosure on Tuesday.

Net interest income fell to EGP 804.06 million in the January-March period, compared to EGP 815.22 million in the year-ago period.

As for standalone business, the lender logged net profits of EGP 318.37 million in the three-month period ended 31 March, up from EGP 228.05 million in the corresponding period a year earlier.

During 2020, ADIB Egypt achieved net profits of EGP 1.19 billion, down from EGP 1.22 billion a year earlier, including minority shareholders’ rights.