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ADIB Egypt allocates EGP 190m risk reserve

ADIB Egypt allocates EGP 190m risk reserve
The reserve accounts for about 1% of total credit risk
Abu Dhabi Islamic Bank
ADIB
-5.43% 41.60 -2.39

Cairo – Mubasher: Abu Dhabi Islamic Bank - Egypt (ADIB) on Sunday said that it has earmarked a risk reserve of about EGP 190 million in accordance with the Central Bank of Egypt’s (CBE) instructions.

The reserve accounts for about 1% of total credit risk in the bank’s risk-weighted assets of its 2017 net profit, ADIB said in a filing to the Egyptian Exchange (EGX).

This amount has been added as a reserve of the bank’s base capital and it shall not be used until obtaining the CBE’s approval, the bank indicated.

The Islamic lender is studying the financial impact of applying IFRS 9, International Financial Reporting Standard (IFRS) 9, the bank added.