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ADIB Egypt logs EGP 677.56M profit in H1

ADIB Egypt logs EGP 677.56M profit in H1

ArabFinance: Abu Dhabi Islamic Bank Egypt (ADIB) reported a consolidated net profit of EGP 677.56 million in the first half (H1) of 2021, compared to EGP 530.66 million in the same period of 2020, according to the bank’s financial statements.

Meanwhile, standalone net profit amounted to EGP 640.55 million in H1 2021, increasing from EGP 509.58 million in the year-ago period.

Moreover, the bank revealed in statement to the Egyptian Exchange (EGX) that the board of directors has approved the offer submitted by Tycoon Holding to acquire 90% of Alexandria National Company for Financial Investment (ANFI) at a price of EGP 6.25 per share.

It is worth noting that ADIB Egypt holds a direct stake of 9.04% and an indirect stake of 75.95%in Alexandria National Company.

ADIB, formerly National Bank for Development, is an Egypt-based public shareholding company engaged in the provision of retail, corporate, and investment banking services through a network of 69 branches located across Egypt.

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