Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) is progressing as planned with its strategy and future vision to fortify its market position. This is according to Mohamed Ali, CEO and Managing Director of the bank, who reaffirmed its leadership in innovation through distinguished, Sharia-compliant financial solutions.
“We take pride in our achievements and our position as the best and largest Islamic bank in Egypt,” Ali commented. “Our outstanding financial performance reflects a strong commitment to comprehensive growth.” He emphasised that ADIB-Egypt has become synonymous with innovation in financial products and banking services, all while adhering to principles of discipline and Sharia compliance.
Ali also highlighted the bank’s active participation in several sustainability and sustainable finance initiatives in Egypt, reinforcing its commitment to integrating environmental, social, and governance (ESG) practices.
Leading the Islamic Banking Sector
ADIB-Egypt’s performance in 2024 has further cemented its position in the Egyptian banking sector. According to Ali, the bank’s tangible results reflect its strong financial performance throughout the year, strengthening its status as the top Sharia-compliant bank in Egypt.
In 2024, the bank attained the highest standards of quality and innovation in its banking services, with its strong financial results securing its place as the leading Islamic bank. It also dominated key financial indicators, including assets, deposits, and loans.
Looking ahead, ADIB-Egypt remains committed to its banking vision, particularly in retail banking, innovation, digital products, and corporate services. The remarkable performance across all banking activities in 2024, coupled with the bank’s commitment to social responsibility, has driven significant growth. Furthermore, its subsidiaries also recorded notable increases in profits and revenues, enhancing the bank’s overall success and recognition.
Consolidated Financial Results
ADIB-Egypt’s consolidated financial statements reveal a surge in net profits to EGP 9.02bn in 2024, a 93% increase compared to 2023.
Ali noted that the bank’s total revenue increased to EGP 18bn, marking a 66% growth, while net income from fees and commissions rose by EGP 337m to reach EGP 1.9bn, reflecting a 22% increase.
In line with its commitment to delivering value to shareholders, ADIB-Egypt plans to distribute bonus shares at a ratio of one free share for each existing share, with a total allocation of EGP 6bn, representing a 100% distribution.
Financial Position and Growth Rates
The bank’s financial indicators for 2024 show a 61% increase in total assets, reaching EGP 260.5bn by December 2024, compared to EGP 162.3bn at the end of 2023.
This growth was driven by an increase in the total financing portfolio for customers and banks to EGP 104.4bn, compared to EGP 67.9bn in 2023, marking a 54% increase.
The growth in total financing was supported by a 53% expansion in the retail loan portfolio, which reached EGP 28bn by the end of 2024, compared to EGP 18.3bn in 2023. Meanwhile, the corporate and bank financing portfolio grew by 54% to reach EGP 76.4bn, up from EGP 49.6bn in the previous year.
Additionally, net placements with banks grew by more than 100% in 2024, reaching EGP 98bn. The net investment portfolio also increased by 24%, adding EGP 8bn to reach EGP 42bn.
On the deposit side, customer deposits surged to EGP 200bn by the end of 2024, reflecting a 57% growth compared to 2023, when deposits stood at EGP 127bn. This increase was primarily driven by a 50% rise in individual deposits, which reached EGP 87bn (an increase of EGP 29bn), as well as a 63% increase in institutional deposits, adding EGP 44bn to reach a total of EGP 113bn.
In terms of efficiency indicators, the capital adequacy ratio stood at 17.21%, while the return on equity reached 48.7%. Additionally, the cost-to-income ratio improved to 17.4%, reflecting a 3.6% increase.
Expansion Plan
ADIB-Egypt continued its expansion strategy throughout 2024, increasing its branch network to 72 locations. The bank aims to open eight new branches in 2025 as part of its efforts to expand its geographic reach and improve customer accessibility. The bank also operates 139 ATMs in key locations, further supporting its growth strategy.
Corporate Social Responsibility
ADIB-Egypt continues to support critical sectors such as healthcare, education, and underprivileged communities through direct contributions and partnerships with governmental and non-governmental organisations. This forms part of the bank’s ongoing commitment to corporate social responsibility (CSR).
One of the bank’s most notable CSR initiatives in 2024 was signing a cooperation protocol with Ahl Masr Burns Hospital, the first free burns treatment hospital in Egypt, the Middle East, and Africa.
39 Global Awards
ADIB-Egypt’s outstanding performance has been recognised with 39 global awards, highlighting its achievements and leadership in Islamic banking. These awards reflect the bank’s excellence in financial services, innovation, and customer satisfaction.
The awards covered various categories, including digital banking, fintech innovation, sustainability, and sustainable finance. Notably, ADIB-Egypt received six awards for being the best sustainable Islamic finance bank, further reinforcing its commitment to responsible banking.
