Abu Dhabi Islamic Bank (ADIB) Q4 2023 earnings summary

Executive summary

• Auditors issued an unmodified opinion; 2023 separate financial statements fairly present financial position, performance and cash flows under Central Bank of Egypt rules.

• Net profit rose to EGP 4,490,578k from EGP 2,125,728k; assets reached EGP 160,646,588k versus EGP 115,516,838k.

Financial highlights

• Net income from funds was EGP 8,785,743k versus EGP 4,732,411k; net fees and commissions were EGP 1,512,936k versus EGP 1,015,994k.

• Profit before tax was EGP 6,315,513k versus EGP 3,218,652k; income tax expense was EGP 1,824,935k versus EGP 1,092,924k.

• Net profit was EGP 4,490,578k versus EGP 2,125,728k; basic EPS was EGP 8.67 versus EGP 7.43.

• Total comprehensive income was EGP 4,584,749k versus EGP 2,142,992k, including EGP 94,171k of other comprehensive income, net of tax.

• Expected credit losses were EGP 1,636,689k versus EGP 801,369k; administrative expenses were EGP 1,817,899k versus EGP 1,464,902k.

Segment performance

• Corporate segment net profit was EGP 1,428,883k versus EGP 1,052,365k; pre-tax profit was EGP 1,843,761k versus EGP 1,360,332k.

• Investment segment net profit was EGP 1,334,491k versus EGP 514,019k; pre-tax profit was EGP 2,114,615k versus EGP 1,275,089k.

• Retail segment net profit was EGP 1,217,207k versus EGP 679,072k; pre-tax profit was EGP 1,596,375k versus EGP 906,996k.

• Other activities generated net profit of EGP 509,997k versus a net loss of EGP 119,728k; pre-tax profit was EGP 760,762k versus a loss of EGP 323,765k.