Abu Dhabi Islamic Bank (ADIB) Q4 2024 earnings summary

Executive summary

• FY24 net profit reached EGP 9,015,939 thousand versus EGP 4,673,840 thousand in FY23; basic EPS was EGP 14.02 versus EGP 8.67.

• Auditors issued an unmodified opinion, concluding the consolidated statements fairly present financial position, performance and cash flows under applicable CBE rules and Egyptian regulations.

• Total assets rose to EGP 260,467,106 thousand from EGP 162,254,679 thousand; customer deposits reached EGP 199,982,599 thousand versus EGP 127,031,908 thousand.

Financial highlights

• Net income from funds was EGP 15,252,648 thousand versus EGP 8,924,250 thousand; net fees and commissions were EGP 1,895,131 thousand versus EGP 1,558,489 thousand.

• Profit before tax was EGP 12,290,152 thousand versus EGP 6,535,354 thousand; income tax expense was EGP 3,274,213 thousand versus EGP 1,861,514 thousand.

• Net trading income was EGP 708,711 thousand versus EGP 291,150 thousand; expected credit loss expense was EGP 2,170,571 thousand versus EGP 1,633,830 thousand.

• Net financing and facilities to customers were EGP 95,691,071 thousand versus EGP 63,638,244 thousand; the reported portfolio increase was 53.58% in FY24.

• Operating cash flow was EGP 38,371,287 thousand versus EGP 36,626,459 thousand; investing cash flow was an outflow of EGP 12,850,903 thousand versus an inflow of EGP 1,361,464 thousand.

Segment performance

• Corporate segment FY24 revenue was EGP 5,928,989 thousand and pretax profit EGP 2,358,639 thousand, versus FY23 revenue EGP 3,776,767 thousand and pretax profit EGP 1,843,761 thousand.

• Investment segment FY24 revenue was EGP 4,989,722 thousand and pretax profit EGP 4,930,522 thousand, versus FY23 revenue EGP 2,239,373 thousand and pretax profit EGP 2,114,615 thousand.

• Retail segment FY24 revenue was EGP 4,690,665 thousand and pretax profit EGP 2,986,939 thousand, versus FY23 revenue EGP 2,983,338 thousand and pretax profit EGP 1,596,375 thousand.

• Other activities FY24 revenue was EGP 2,189,868 thousand and pretax profit EGP 2,014,052 thousand, versus FY23 revenue EGP 1,696,852 thousand and pretax profit EGP 980,603 thousand.