Cairo – Mubasher: The Financial Regulatory Authority (FRA) passed the capital raise requests of Abu Dhabi Islamic Bank–Egypt (ADIB Egypt) and e-finance for Digital and Financial Investments, according to bourse disclosures.

ADIB Egypt will increase its authorised capital from EGP 7 billion to EGP 10 billion, while the issued and paid-up capital will grow to EGP 6 billion from EGP 5 billion.

The shareholders approved the EGP 1 billion hike during the general assembly meeting that was held on 21 March 2024.

Meanwhile, e-finance will raise its issued and paid-up capital to EGP 1.15 billion from EGP 924.44 million by issuing 462.22 million shares with a nominal value of EGP 0.50 per share.

In the first quarter (Q1) of 2024, e-finance logged 64% higher consolidated net profits after the non-controlling interest (NCI) at EGP 462.50 million, versus EGP 281.90 million in Q1-23.