Abu Dhabi, UAE – Abu Dhabi Islamic Bank (ADIB) has announced the increase of its ownership in ADIB Egypt to more than 52 percent.
In a disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday, ADIB stated that it had acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB Egypt’s share capital.
The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 percent.
In the third quarter of last year, ADIB reported its highest quarterly net profit of more than Dh1 billion ($0.27 billion) as impairments dropped and operating income rose.
ADIB posted a net profit of 2.45 billion UAE dirhams ($667 million) for the first 9 months of 2022, up by 53% from the same period last year.
Abu Dhabi Islamic Bank recently rolled out contactless payment wearables. Customers of Abu Dhabi Islamic Bank (ADIB) can now make tokenized contactless payments using a range of wearables, including a contactless payments ring and a clasp with an embedded contactless payments chip that they can attach to a watch, bracelet or other wearable accessory.