August 17, 2020

ADIB posts 19% profit decline


ArabFinance: Abu Dhabi Islamic Bank- Egypt (ADIB) reported a 19% Year on Year decline in its consolidated net profit in the first half (H1) of 2020, according to the company’s August 16th financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 530.573 million in H1 of 2020, compared to EGP 658.558 million achieved in H1 2019.

Standalone net profit reached EGP 509.582 million in H1, a 15% decline from EGP 601.213 million posted in H1 of 2019.

Earlier, the Bank (ADIB) and Ora Developers Egypt, a member of Gemini Holding, have signed and EGP 200m financing agreement to support the development and upgrading of the Sheikh Zayed Central Park.

The project is expected to contribute to transforming the park into a new facility for the residents of Sheikh Zayed City with its facilities and activities, such as sports complexes, as well as a range of restaurants and cafeterias, walkways and cycling paths, and a children’s play area.

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.

arabfinance


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