Mubasher: The unaudited financial statements of Abu Dhabi Islamic Bank – Egypt (ADIB) reported a growth of 66.14% in profits during the fourth quarter of 2016 as compared to the same period of 2015.
Earnings increased to EGP 124.96 million in Q4-16 from EGP 75.21 million in Q4-15, according to a bourse statement issued on Sunday.
During the fiscal year of 2016, profits surged by 81.9% to EGP 397.03 million when compared to EGP 219.23 million in the previous fiscal year.
Net profit of FY16 included EGP 1.52 billion worth of exchange difference as well as EGP 1.5 billion worth of provision, the bank said in a bourse filing.
ADIB Egypt said it is not obliged to distribute dividends due to suffering deferred losses of EGP 2.3 billion.
