Abu Dhabi Islamic Bank Egypt (ADIB) reported a 125.4% year-on-year (YoY) increase in consolidated profits after tax and non-controlling interests for the first quarter (Q1) of 2023, according to the bank’s financial statements filed to the Egyptian Exchange (EGX) on May 14th.

The bank recorded a consolidated net profit after tax of EGP 1.005 billion in Q1 2023, compared to a profit of EGP 446.287 million in the same quarter of 2022.

Net interest income rose to EGP 1.809 billion during the January-March period of this year from EGP 973.250 million in Q1 2022.

Meanwhile, the bank’s standalone net profit after tax amounted to EGP 968.250 million in the three-month period ended March 31st, up from EGP 423.905 million.

ADIB Egypt is an EGX-listed bank that operates within the provision of retail, corporate, and investment banking services through a network of 69 branches located across Egypt.