Cairo – Mubasher: The Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) has received the Financial Regulatory Authority’s (FRA) approval to proceed with the capital raise procedures.  

The FRA agreed to publish the disclosure form submitted by the bank to raise its issued and paid-up capital by EGP 1 billion to EGP 5 billion from EGP 4 billion. The capital increase will be distributed over 100 million shares at a nominal value of EGP 10 a share, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The capital raise procedures cannot be completed before endorsing the previous EGP 2 billion capital hike in the commercial register.

In the first half (H1) of 2022, the consolidated net profits of ADIB Egypt climbed by 48.4%, reaching EGP 1.01 billion, compared to a net profit of EGP 680.15 million in H1 of last year, including minority shareholders’ rights.