Abu Dhabi Islamic Bank (ADIB) Q1 2024 earnings summary

Executive summary

• Q1 net profit was EGP 2,118,945 thousand, versus EGP 1,006,783 thousand in Q1 2023; basic EPS rose to EGP 3.71 from EGP 2.13.

• Total assets reached EGP 191,043,934 thousand at March 31, 2024, compared with EGP 162,254,679 thousand at December 31, 2023.

Financial highlights

• Net income from funds was EGP 3,240,970 thousand, versus EGP 1,809,268 thousand; net fees and commissions were EGP 464,804 thousand, versus EGP 420,786 thousand.

• Profit before tax was EGP 2,916,927 thousand, versus EGP 1,486,977 thousand; income tax expense was EGP 797,982 thousand, versus EGP 480,194 thousand.

• Total comprehensive income was EGP 2,219,231 thousand, versus EGP 1,017,089 thousand; other comprehensive income, net of tax, was EGP 100,286 thousand.

• Net trading income increased to EGP 284,561 thousand from EGP 123,841 thousand; other operating expenses decreased to EGP 169,427 thousand from EGP 265,325 thousand.

Segment performance

• Corporate segment reported Q1 revenue of EGP 1,519,148 thousand and net profit of EGP 730,563 thousand; investment reported EGP 1,040,075 thousand revenue and EGP 788,593 thousand net profit.

• Retail segment revenue was EGP 937,283 thousand and net profit EGP 413,783 thousand; other activities reported EGP 551,610 thousand revenue and EGP 186,006 thousand net profit.