Abu Dhabi Islamic Bank plans to strengthen its presence in Saudi Arabia while continuing to invest in Egypt despite the current challenges.
Mohamed Abdel Bari, the bank's chief financial officer, revealed that Abu Dhabi Islamic aims to seize more opportunities in lending to companies this year as part of its strategy for growth and taking advantage of opportunities in the commercial and real estate sectors, according to Reuters.
Abdul-Bari said that there are opportunities for the bank in a range of fields such as manufacturing, tourism and real estate, which stimulates its growth in the corporate sector.
Abdul-Bari stated that the Saudi market is attractive on many fronts and provides opportunities to participate in many industries within the limits of the bank’s willingness to take risks.
He said: Given our already large presence in Egypt, Saudi Arabia may receive a little more of our attention in the near future.
He added: We look forward to banking with this sector and going to large and medium-sized entities within the framework of our desire to take risks.
Abu Dhabi Islamic Bank announced a 45 percent growth in its net profits in 2023, reaching 5.25 billion dirhams, compared to 3.62 billion dirhams in 2022.
The bank said that these results reflect the bank’s drive to achieve strong growth, as the bank’s net profits in the last quarter of 2023 reached 1.5 billion dirhams, recording a growth of 29 percent compared to the same period of the previous year.
The bank's revenues in 2023 recorded a growth of 36 percent to reach 9.3 billion dirhams, compared to 6.8 billion dirhams in the previous year, as a result of the bank's success in diversifying income and strong growth in all business segments and products.
