The consolidated financial statements of Abu Dhabi Islamic Bank Egypt (ADIB) showed a 26% year-on-year increase in profits during the first nine months of 2018.
ADIB logged EGP 632.19 million ($35.26 million) from January to September, up from EGP 500.6 million ($27.92 million) in the same nine months last year, according to a statement to the Egyptian Exchange (EGX).
The bank attributed the growth in profits to a rise in income from returns, which amounted to EGP 1.8 billion, from EGP 1.48 billion in the January-to-September period of 2017.
ADIB Egypt attributed the higher returns income to margin growth in its financing portfolio by 37% to EGP 668 million, in addition to an increase in yield from treasury and deposits investments by 44% year-on-year to EGP 520 million.
As for the standalone business, ADIB – Egypt posted EGP 608.4 million in the nine-month period, up from EGP 348.8 million in the corresponding period a year earlier.