Arab Finance: Abu Dhabi Islamic Bank’s (ADIB Egypt) consolidated net profits attributed to the bank increased by 110.34% year on year (YoY) to EGP 2.116 billion in the first quarter (Q1) of 2024, versus EGP 1.006 billion, a filing showed.

Net interest income grew to EGP 3.241 billion in Q1 2024 from EGP 1.809 billion in the year-ago quarter.

For standalone results, the lender registered net profits after tax of EGP 2.104 billion in Q1 2024, compared to EGP 968.25 million in Q1 2023.

Meanwhile, net standalone interest income rose to EGP 3.175 billion from EGP 1.769 billion.

ADIB Egypt is an award-winning bank that started its operations in Egypt after acquiring the National Bank for Development (NBD) through the Emirati consortium of Abu Dhabi Islamic Bank and Emirates International Investment Company (EIIC) in 2007.

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