Cairo – Mubasher: UAE’s Abu Dhabi Islamic Bank (ADIB) has increased its ownership in its ADIB Egypt to 52.60% from 50.20% for EGP 155.32 million.

The ADX-listed bank purchased 9.60 million shares in ADIB Egypt at an average price of EGP 16.18 per share, according to a stock exchange statement on Monday. 

EFG Hermes acted as a broker in the transaction. 

In the first nine months (9M) of 2022, ADIB registered net profits attributable to the equityholders worth AED 2.45 billion, an annual hike of 53% from AED 1.60 billion

In the meantime, ADIB Egypt reported consolidated net profits worth EGP 1.58 billion, higher than EGP 1.06 billion in 9M-21.