Cairo - Mubasher: Abu Dhabi Islamic Bank’s - Egypt (ADIB) on Sunday posted its consolidated financial results and reported an 84% year-on-year hike in profits for the first nine months of 2017 due to growth in murabaha returns.
ADIB achieved profits of EGP 500.6 million in the first nine months, versus EGP 272.07 million in the same period in 2016, according to a bourse filing.
Murabaha returns surged EGP 2.9 billion in the first three quarters, compared to EGP 1.92 billion in the prior year period.
As for standalone results, ADIB’s profits jumped to EGP 348.8 million in the first three quarters in 2017 from EGP 263.6 million in the same period in 2016.
The bank previously achieved profits of EGP 338.9 million in the first half of 2017, compared to EGP 190.7 million in H1-16.
Murabaha return increased 50% in H1-17 reaching EGP 1.84 billion, compared to EGP 1.22 billion in H1-16.
