ADIB Egypt bank expects double profits, assets in 2026

Abu Dhabi Islamic Bank Egypt (ADIB Egypt) said on Tuesday it expects assets and profits to double within five years ending in 2026 after the recent capital hike move.

According to its fair value studies, the bank expects total assets to grow to 107.6 billion Egyptian pounds ($5.7 billion) at the end of 2022 from 106 billion pounds from previous estimates before the capital increase. The assets will continue to grow to eventually reach 200.4 billion pounds in 2026, the bank added.

ADIB Egypt also projects its net profit to grow to 1.97 billion pounds at the end of 2022 and to 3.99 billion pounds at the end of 2026.

Last August, the bank hiked its issued and paid-up capital to 5 billion pounds.