Abu Dhabi Islamic Bank (ADIB) Q3 2024 earnings summary

Executive summary

• 9M 2024 net profit was EGP 6,807,514 thousand vs EGP 3,554,675 thousand; Q3 net profit was EGP 2,228,781 thousand vs EGP 1,386,995 thousand.

• Total assets were EGP 239,325,508 thousand at Sep. 30, 2024 vs EGP 162,254,679 thousand at Dec. 31, 2023; customer deposits were EGP 183,994,295 thousand vs EGP 127,031,908 thousand.

• Net income from funds reached EGP 11,031,535 thousand for 9M; financing and facilities to customers and banks increased 43.86% during the period.

Financial highlights

• 9M income from Murabaha, Musharaka, Mudaraba and similar sources was EGP 26,070,808 thousand vs EGP 13,590,355 thousand; funding costs were EGP 15,039,273 thousand vs EGP 7,347,326 thousand.

• 9M net fees and commissions were EGP 1,482,874 thousand vs EGP 1,258,364 thousand; net trading income was EGP 559,395 thousand vs EGP 254,152 thousand.

• 9M profit before tax was EGP 9,282,268 thousand vs EGP 4,951,598 thousand; income tax expense was EGP 2,474,754 thousand vs EGP 1,396,923 thousand.

• 9M basic EPS was EGP 10.86 vs EGP 6.78; Q3 basic EPS was EGP 7.15 vs EGP 4.65.

• 9M expected credit losses were EGP 1,538,476 thousand vs EGP 1,078,635 thousand; administrative expenses were EGP 1,909,570 thousand vs EGP 1,353,985 thousand.

Segment performance

• 9M segment profit before tax: Investment EGP 3,389,674 thousand; Corporate EGP 2,190,706 thousand; Retail EGP 2,112,098 thousand; Other activities EGP 1,589,790 thousand.

• 9M segment net profit: Investment EGP 2,796,358 thousand; Retail EGP 1,625,535 thousand; Corporate EGP 1,561,160 thousand; Other activities EGP 824,461 thousand.

• Segment revenues totaled EGP 13,092,618 thousand; Corporate EGP 4,615,954 thousand, Investment EGP 3,542,073 thousand, Retail EGP 3,317,602 thousand and Other activities EGP 1,616,989 thousand.