Abu Dhabi Islamic Bank (ADIB) in Egypt has achieved profits for the first time since late 2007, said CEO and managing director of ADIB Nevine Lotfy on Friday, adding that the profit represents “the fundamental shifts” of the bank after a restructuring plan six years ago.
Lotfy noted that ADIB ranked the first in the 2013 Business News Index for the fastest growing banks, thanks to the “strong” growth of loans and high net yield.
The CEO stated that the bank has prepared an ambitious plan for the current year to support the bank’s position in the market, as part of its target to lead the Islamic banking market in Egypt.
She added that the bank’s achievement of such positive results indicates that it is “moving on the right track”. In six years, she said, the bank was able to achieve a real breakthrough in the Egyptian market, after the application of a comprehensive plan. The plan targeted the restructure of the bank’s hierarchy in its branches, lines of business, human resources and technological advancements.
Lotfy noted that “in record timing” the bank was able to develop a new vision that allowed it to attain the title of “the fastest growing bank” in Egypt in 2013.
Lotfy asserted that the bank’s financial result in 2013 indicates that it is on the threshold of a new phase of growth and expansion. She added that these results herald more positive results in the coming years.