Abu Dhabi Islamic Bank (ADIB) Q2 2024 earnings summary

Executive summary

• 6M 2024 net profit rose to EGP 4,578,733 thousand from EGP 2,167,680 thousand YoY; total assets reached EGP 210,758,861 thousand at June 30, 2024.

• Financing and facilities to customers and banks increased 37.43% during the period; customers’ deposits rose to EGP 163,229,574 thousand from EGP 127,031,908 thousand at year-end 2023.

Financial highlights

• 6M net income from funds was EGP 7,042,322 thousand vs EGP 3,894,246 thousand YoY; income from Murabaha, Musharaka, Mudaraba and similar sources was EGP 15,819,887 thousand vs EGP 8,308,456 thousand.

• 6M profit before tax was EGP 6,220,393 thousand vs EGP 3,097,142 thousand; net profit was EGP 4,578,733 thousand vs EGP 2,167,680 thousand.

• 6M basic EPS was EGP 7.74 vs EGP 4.43 YoY; net fees and commission income was EGP 971,676 thousand vs EGP 846,076 thousand.

• 6M administrative expenses rose to EGP 1,238,300 thousand from EGP 886,784 thousand; expected credit losses were EGP 774,689 thousand vs EGP 654,917 thousand.

• Operating cash flow was EGP 15,260,991 thousand vs EGP 16,585,700 thousand in 6M 2023; cash and cash equivalents ended the period at EGP 68,427,455 thousand.

Segment performance

• 6M 2024 corporate segment revenue was EGP 3,209,883 thousand and profit before tax EGP 1,673,190 thousand; investment revenue was EGP 2,166,343 thousand and pre-tax profit EGP 2,023,621 thousand.

• Retail segment revenue was EGP 1,975,926 thousand and profit before tax EGP 1,195,372 thousand; other activities revenue was EGP 1,117,812 thousand and pre-tax profit EGP 1,328,210 thousand.