Abu Dhabi Islamic Bank Egypt’s (ADIB) board of directors has approved the bank’s participation in the capital increase of its subsidiary Abu Dhabi Islamic Consumer Finance, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Accordingly, ADIB’s stake in the subsidiary’s issued and paid-up capital will increase to EGP 98 million from EGP 29.4 million.

It is worth noting that ADIB recorded a consolidated net profit after tax of EGP 444.297 million in Q1 2022, compared to a profit of EGP 332.224 million in the same quarter of 2021.

ADIB Egypt is an EGX-listed bank that operates within the provision of retail, corporate, and investment banking services through a network of 69 branches located across Egypt.

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