Abu Dhabi Islamic Bank Egypt (ADIB Egypt) reported on Wednesday positive consolidated financial results for the financial year ending December 31, 2020 despite the many economic challenges of that COVID-19 pandemic caused over the last year. The bank's net profit after taxes stood at 1,196 billion Egyptian pounds ($76 million) the financial year ended in December 2020, marking a 3 percent fall from 1.228 billion pounds a year earlier. Net standalone profits after taxes rose 4 percent year-on-year to 1.151 billion pounds in 2020 from 1.103 billion pounds in 2019. Total revenues grew 1.3 percent to 3.786 billion. Total assets increased by 22.5 percent to 73.9 billion pounds in 2020, compared to 60.3 billion pounds in 2019. The bank succeeded in attracting new deposits, as its balance of deposits increased by 22.5 percent to 62.7 billion pounds. Net financing increased by 30 percent to 40.2 billion pounds in December 2020. The rise in the net finance portfolio is due to both 29.7 percent corporate finance growth to reach 28.7 billion pounds, and 30.7 percent retail banking to reach 11.5 billion pounds, the bank said in a statement. The rise in deposits is driven by the growth of corporate deposits by about 26 percent or 23.3 billion pounds, and the increase of individual deposits portfolio by about 20 percent to 39.3 billion pounds. The treasury unit also achieved growth in liquidity surplus management, with the assets under management portfolio growing by 3.8 billion pounds or 17.7 percent to reach 25.3 billion pounds in 2020. Net profit from fees and commissions recorded an increase of 12 percent compared to the previous year, reaching 452 million pounds by the end of 2020. Forex revenues decreased by 17 percent from the previous year to reach 182 million pounds. While provisions inched up by 9 percent to reach 445 million pounds compared to 407 million in 2019. Mohammed Aly, CEO and Managing Director of Abu Dhabi Islamic Bank Egypt (ADIB Egypt) "Our 2020 financial results demonstrate the bank's ability to maintain financial stability even in the face of a global economic downturn which the financial sector faced due to the pandemic." Mohammed Aly, CEO and Managing Director of ADIB- Egypt, said. "We have demonstrated both flexibility and adaptability, quickly adjusting to market dynamics and developments in the working environment, to continue supporting the Egyptian economy and its customers in response to CBE initiatives." "We believe that these initiatives and programmes ensure the continued safety and resilience of the Egyptian banking sector as well as business continuity during the crisis. These efforts have allowed the sector to weather the toughest global crises, top of which was COVID-19." Aly added: "We have focused extensively on growing our business in the best possible way during this crisis whilst continuing to focus our efforts on the implementation of our digital transformation strategy." "Digital transformation in the banking sector become even more important during the lockdown. The hi-tech financial solutions utilised supported hassle-free, quick, safe and convenient banking services, becoming indispensable and evolving into the global trend. "Across 2020, we launched a variety of new products and services, as part of this plan. Our vision to digitally transform our bank was accelerated by the needs and circumstances of the pandemic, which resulted in the bank winning a number of awards," he concluded. In 2020, ADIB-Egypt was awarded 10 prestigious financial awards in recognition of excellence in serving its individual and corporate clients across various sectors. Among the many awards received by ADIB-Egypt are: Best Social Media Marketing and Services, Best Bill Payment and Presentment, Best Islamic Financial institution for 2020 in Egypt from Global Finance. Moreover, ADIB-Egypt also received awards for Best Islamic Bank and Best Digital Bank in Egypt by IFM, in addition to the Best Mobile Banking Services and Best Innovative Cards in Egypt awards by The Global Economics, and Best Retail Bank in Egypt by MEA Finance. ADIB-Egypt was also recognized across the Islamic banking industry as the Best Islamic Bank in Egypt" by World Finance News and as Egypt's Islamic Bank of the Year for 2020 by The Banker.
