Cairo – Mubasher: Abu Dhabi Islamic Bank – Egypt (ADIB) posted on Tuesday an increase of 109.7% in its standalone profits for the fourth quarter of 2016 to EGP 97.07 million, versus EGP 46.28 million for Q4-15.
Standalone profits for fiscal year 2016 rose 77.7% to EGP 360.7 million from EGP 202.9 million for FY15, according to a bourse filing.
The bank said that it is not committed to distribute cash dividends for 2016 as it suffered accumulated losses worth EGP 2.3 billion in the previous years.
The bank’s stock declined on Monday by 3.97% to EGP 7.01.
