Abu Dhabi, UAE– Abu Dhabi Islamic Bank (ADIB) has increased its ownership in ADIB Egypt to more than 52 percent.
ADIB said in a disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday that it has 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.
Abu Dhabi Islamic Bank (ADIB) reported the highest quarterly net profit of AED1 billion ($272 million) in Q3 2022, compared to AED493 million in Q3 2021, marking a 105 percent growth.
The bank registered a year-on-year growth in net profit of 53 percent for the first nine months of 2022 to AED2.45 billion from AED1.6 billion in the corresponding period of 2021.
Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year. This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million, achieved from the growth in customer financing and higher rates.
Total assets increased 10 percent year-on-year to reach AED147 billion, driven by 16 percent growth in gross financing and 42 percent in investments. Customer deposits rose 11 percent year-on-year to AED119 billion from strong Current and Savings Accounts (CASA).