Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) is advancing its strategy under CEO Mohamed Ali, achieving significant financial growth. In 2024, net profits increased by 93% to EGP 9.02 billion, with total assets rising by 61%. The bank focuses on innovation, sustainability, and shareholder value, while expanding its branch network and receiving 39 global awards for excellence in Islamic banking.

Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) is executing its strategy and vision to boost its market presence, as stated by CEO Mohamed Ali. He emphasized the bank’s innovation leadership through its Sharia-compliant financial solutions. Ali expressed pride in their status as the largest Islamic bank in Egypt, attributing their impressive financial performance to a dedication to robust growth.

The bank’s continued focus on providing innovative financial solutions is central to its mission. Ali indicated that ADIB-Egypt is evolving into a symbol of innovation in the banking sector, with a rigorous adherence to Sharia compliance. He also mentioned the bank’s dedication to sustainability and environmental, social, and governance (ESG) practices, aiming to create a lasting impact in Egypt.

ADIB-Egypt’s performance in 2024 has solidified its leadership position in Egypt’s banking industry. Ali noted that the bank’s strong results are reflective of solid financial health, reaffirming its top status as a Sharia-compliant bank. ADIB-Egypt’s banking services have reached high standards of quality, dominating vital financial metrics such as assets, customer deposits, and loans.

The bank’s consolidated financial statements for 2024 indicate a significant increase in net profits to EGP 9.02 billion, marking a 93% rise from 2023. Total revenues surged to EGP 18 billion, a 66% increase, alongside a 22% rise in net income from fees and commissions, reaching EGP 1.9 billion. To reward shareholders, ADIB-Egypt plans to distribute a total of EGP 6 billion as bonus shares, translating to a 100% allocation.

Total assets increased by 61%, reaching EGP 260.5 billion by December 2024, propelled by customer financing portfolios that rose to EGP 104.4 billion, reflecting a 54% growth. The retail loan segment expanded by 53%, totaling EGP 28 billion, while the corporate financing portfolio grew to EGP 76.4 billion, marking a 54% increase. Additionally, placements with banks exceeded 100%, reaching EGP 98 billion, with net investments rising by 24% to EGP 42 billion.

Customer deposits significantly rose to EGP 200 billion, a 57% increase, driven mainly by a 50% growth in individual deposits and a 63% surge in institutional deposits. Efficiency metrics showed a capital adequacy ratio of 17.21% and a return on equity of 48.7%, while the cost-to-income ratio improved to 17.4%.

In 2024, ADIB-Egypt expanded its branch network to 72 and plans to open eight more branches in 2025, enhancing geographic accessibility. The bank also operates 139 ATMs in strategic locations to further support its growth.

The bank maintains its commitment to corporate social responsibility by supporting vital sectors like healthcare and education. Among its CSR initiatives, ADIB-Egypt signed a partnership agreement with Ahl Masr Burns Hospital, enhancing its contributions to community welfare.

Recognized for its exceptional performance, ADIB-Egypt has received 39 global awards, reflecting leadership in Islamic banking. These accolades span categories such as digital banking and sustainability, with a notable recognition for being the best sustainable Islamic finance bank, underscoring its responsible banking approach.

In summary, ADIB-Egypt is executing its strategic vision effectively to strengthen its market position and support sustainable finance initiatives. The bank has reported substantial growth in key financial metrics, reinforcing its status as the leading Islamic bank in Egypt. With a focus on innovation and social responsibility, ADIB-Egypt continues to expand its services while maintaining a commitment to Sharia compliance and community welfare. The recognition through global awards further affirms its leadership in the banking sector.

Original Source: www.dailynewsegypt.com