Abu Dhabi Islamic Bank (ADIB) Q3 2023 earnings summary

Executive summary

• 9M net profit rose to EGP3.555bn from EGP1.583bn; total assets reached EGP148.614bn at Sep 30, 2023, vs EGP116.827bn at Dec 31, 2022.

Financial highlights

• 9M net income from funds was EGP6.243bn vs EGP3.437bn; net fees and commissions were EGP1.258bn vs EGP596.1m YoY.

• 9M pretax profit was EGP4.952bn vs EGP2.445bn; net profit was EGP3.555bn vs EGP1.583bn, and EPS was EGP6.69 vs EGP6.79.

• 9M expected credit losses rose to EGP1.079bn from EGP380.0m YoY; administrative expenses were EGP1.354bn vs EGP1.123bn.

• Q3 net profit was EGP1.387bn vs EGP566.3m YoY; Q3 EPS was EGP2.36 vs EGP2.51.

Segment performance

• 9M pretax profit: investment EGP1.365bn, corporate EGP1.352bn, retail EGP1.185bn and other activities EGP1.049bn.

• 9M net profit: corporate EGP1.048bn, retail EGP903.6m, investment EGP867.0m and other activities EGP736.0m.