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  • ADIB-Egypt targets 1.5% of market share via capital hike in 2019

    ADIB-Egypt targets 1.5% of market share via capital hike in 2019

    ArabFinance: Mohamed Ali, CEO and Managing Director of Abu Dhabi Islamic Bank Egypt (ADIB) announced yesterday during the roundtable the financial results for fiscal period ending first quarter of 2018, as well as bank’s future plan.

    The Bank posted a consolidated net profit of LE156.780 million, versus net profit of LE73.746 million in the same period a year ago, representing 113% growth. 

    Moreover, it posted a standalone net profit of LE151.481 million, versus net profit of LE104.701 million in the same period last year.

    The bank targets LE50 billion in the budget by end of the coming year 2019, versus LE43 billion during the first quarter of 2018.

    On the other side, the Bank aims to boost its market share to 1.5% by end of the next year, versus 1.1% ending 1Q2018.

    Ali noted that it is expected to raise the Bank’s issued capital in 2019 to reach LE4 billion from LE2 billion, that will be distributed over 200 million shares.

    Among the real estate investment, the Bank has purchased a land plot, with an area of 8,350 meters, in the Administrative Capital, as it mulls transferring the headquarter there.

    ADIB’s CEO expressed his interest in Small and medium-sized enterprises (SMEs) (to fund from LE50 million to LE200 million), adding they launched a new department for Business Banking (to fund from LE5 million to LE50 million).

    ADIB’s MD reported that the Bank’s subsidiary, ADIB Invest, will launch a new fund, which will be specialized in shares, noting the Bank is attending the required approvals on the fund.

    It is worth to mention, ADIB owns two firms, ADIB Capital (for financial consulting) and ADIB Lease.

    Regarding the number of branches, the bank won’t increase the number of branches in the current period, as it focuses mainly on the technology means to reach the largest number of customers, through its 70 branches, which are covered almost 90% of Egypt's governorates.

    By: Nada ElKorashy

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