Cairo – Mubasher: The extraordinary general meeting of Abu Dhabi Islamic Bank – Egypt (ADIB) approved the continuation of the bank's activities, pending the approval of the Central bank of Egypt and the General Authority for Investment and free zones, a bourse filing revealed.
Earlier, the bank called the extraordinary meeting to convene for discussing whether to continue with operations in Egypt after cumulated losses exceeded 50% of its capital according to FY15 balance sheet.
The bank operates with EGP 2 billion, divided into 200 million shares at par value of EGP 10 each, while logging EGP 2.96 billion cumulated losses, the bank’s FY15 financial statements indicated.
ADIB-Egypt reported a net profit of EGP 219 million in 2015, down from EGP 261 million in 2014.
