Abu Dhabi Islamic Bank Egypt Attains Q3 Profits of EGP75.9 mln

Abu Dhabi Islamic Bank – Egypt (ADIB – Egypt- Previously the National Bank for Development) has attained consolidated profits of EGP 75.9 million by the end of the third quarter of 2013, compared to losses of EGP 179.4 million for the same period a year earlier.

The Q3 financial results for ADIB Egypt revealed that the bank’s deposit portfolio fell by EGP 47.9 million or 0.37% to EGP 12.92 billion by the end of September 2013, compared to EGP 12.97 by the end of December 2012.

Meanwhile, ADIB Egypt’s loan portfolio grew by EGP 880.7 million or 16.5% to EGP 6.2 billion by the end of September 2013, against EGP 5.3 billion by the end of December 2012.

It is worth noting that ADIB Egypt is aiming to increase its issued capital to EGP 4 billion from EGP 2 billion. The lender’s board of directors (BOD) had submitted a proposal by the end of last October to the Extraordinary General Meeting (EGM) to increase the bank’s issued capital.