Abu Dhabi Islamic Bank (ADIB) Q1 2023 earnings summary

Executive summary

• Q1 net profit was EGP 1,006,783 thousand versus EGP 444,297 thousand in Q1 2022; limited review found no matters indicating material misstatement.

• Total assets reached EGP 125,700,631 thousand at 31 March 2023, compared with EGP 116,827,151 thousand at 31 December 2022.

Financial highlights

• Net income from funds was EGP 1,809,268 thousand versus EGP 973,250 thousand; net fees and commissions were EGP 420,786 thousand versus EGP 201,935 thousand YoY.

• Profit before tax was EGP 1,486,977 thousand versus EGP 708,740 thousand; net profit attributable to shareholders was EGP 1,005,916 thousand versus EGP 446,287 thousand.

• Net trading income reached EGP 123,841 thousand versus EGP 44,116 thousand; expected credit loss expense rose to EGP 188,630 thousand from EGP 26,901 thousand.

• Operating cash flow was negative EGP 12,069,711 thousand, compared with negative EGP 2,691,103 thousand in Q1 2022.

Segment performance

• Corporate segment pre-tax profit was EGP 696,121 thousand; investment EGP 318,275 thousand; retail EGP 351,832 thousand; other activities EGP 120,749 thousand.

• Corporate, investment and retail segment assets were EGP 43,912,468 thousand, EGP 49,365,692 thousand and EGP 16,736,228 thousand, respectively, at 31 March 2023.