Cairo – Mubasher: Abu Dhabi Islamic Bank - Egypt (ADIB) reported higher profits in the first quarter of 2016.
The bank’s Q1 profits jumped 25% year-over-year to EGP83.7 million ($9.4 million) from EGP62.4 million ($7 million), according to a bourse filing.
In addition, the accumulated losses shrank to EGP2.66 billion, lower 2.9% year-over-year from EGP2.74 billion.
During the first quarter as well, deposit portfolio saw an increase of 7% to EGP21.68 billion, compared to EGP20.36 billion in the year-ago period.
In 2015, the bank’s profits slipped 16% year-on-year to EGP219 million from EGP261 million.
