ArabFinance: Suez Canal Bank and Abu Dhabi Islamic Bank Egypt (ADIB Egypt) canceled distributing dividends for 2020 in order to increase the capital base, according to the banks statements filed to the Egyptian Exchange.
The announcement comes after the Central Bank of Egypts (CBE) resolution to not allow distributing dividends from 2020 earnings and/or from retained earnings.
Local banks in the Arab republic reportedly achieved a net profit of EGP 50.04 billion at the end of June 2020.
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