ADIB Egypt reports EGP 1.196bn in net profit during 2020

ADIB Egypt reports EGP 1.196bn in net profit during 2020

Published 27 Mar,2021 via Daily News Egypt - The Abu Dhabi Islamic Bank (ADIB) Egypt has announced its consolidated financial results for the fiscal year (FY) ending 31 December 2020, reporting EGP 1.196bn in net profit.

The results also revealed positive results despite the many economic challenges caused by the novel coronavirus (COVID-19) pandemic, over the last year.

The bank's 2020 net profit reflected a 3% decrease of EGP 32m compared to the EGP 1.228bn recorded in 2019. Meanwhile, the net standalone profit reached EGP 1.151bn, compared to EGP 1.103bn in 2019, reflecting a 4% increase of EGP 49m.

The bank's most prominent financial indicators also revealed total revenues growth of 1.3%, reaching EGP 3,786bn. Total assets increased by 22.5% to reach EGP 73.9bn in 2020, compared to EGP 60.3bn in 2019.

The bank succeeded in attracting new deposits, as its balance of deposits increased by 22.5% to reach EGP 62.7bn. Net financing increased by 30% reaching EGP 40.2bn in