Despite slow growth in the fourth quarter, Abu Dhabi Islamic Bank (ADIB) increased its net loan portfolio by EGP 1.852bn in 2015 in a year over year comparison, according to Beltone Financial.
Beltone Financial report provided a comprehensive view of ADIB’s fiscal performance in 2015 in a report issued last week.
ADIB posted a net loan portfolio of EGP 10.28bn in December 2015, compared to EGP 8.428 in December 2014.
The growth rate of loans in the bank was slow in Q4 of 2015, where it amounted to only 1%, compared to Q3 of 2015, and 21.9% compared to 2014.
The report indicated that the bank’s deposits portfolio increased to EGP 20.34bn in late December 2015, a 5.7% increase compared to September 2015, and a 22.7% increase compared to December 2014.
ADIB posted a loan-deposit ratio of 50.5% in December 2015, compared to a ratio of 52.9% in September 2015, and 50.8% in December 2014.
The bank posted a net profit of EGP 72.1m in Q4 of 2015, an increase of 52% in a year over year comparison to Q4 of 2014, and an approximately threefold increase compared to the net profits of Q3 of 2015.
The bank posted a net profit despite the EGP 31m in reserves it set aside to cover the non-performing loans in Q4 of 2015, compared to only EGP 3m in Q4 of 2014, according to the report.
The bank made a net profit of EGP 219.2m in 2015, registering a decrease of 16% in a year over year comparison to 2014.
ADIB’s loan portfolio’s net profits increased to EGP 266.9m in Q4 of 2015, an increase of 42.3% compared to Q4 of 2014, and an increase of 3.7% over Q3 of 2015.
Beltone noted that the market value of ADIB amounts to approximately EGP 730.2m, and that the current share’s price is listed at EGP 3.66, while a fair value of EGP 11.62, which indicates the possibility of a 217.5% increase in the share’s value.
