Abu Dhabi Islamic Bank-Egypt announces doubling of profits in Q2 2024
Date
8/13/2024 7:41:20 AM
(MENAFN) Abu Dhabi Islamic Bank-Egypt has announced a remarkable increase in its profits for the second quarter of this year, with net earnings doubling to 2.388 billion pounds (USD48.49 million) from 1.119 billion pounds in the same period last year. The bank's strong performance continued into the first half of the year, with net profits rising to EGP 4.492 billion, up from EGP 2.088 billion in the first half of 2023. This significant growth underscores the bank's enhanced profitability and financial stability.
The bank's improved financial position was recently highlighted by Moody’s, which upgraded its basic credit rating (BCA) due to the bank's higher profit margins and diversified revenue streams. This upgrade reflects the bank's strong financial performance in 2023, marked by record net profits and increased revenues. Additionally, Abu Dhabi Islamic Bank has bolstered its capital levels and maintained a stable financial position, supported by its reliance on low-cost current and savings account deposits.
Moody’s also affirmed the bank’s long-term local and foreign currency issuer ratings at A2, while its short-term issuer ratings were maintained at Prime-1. These ratings reflect the bank's continued financial stability and robust performance, positioning it well for future growth.
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