EIIC acquires additional 7.6% stake in Abu Dhabi Islamic Bank
In Q1-2023 ADIB reported a growth in net profit of 54% to reach Dh1.1 billion
Abu Dhabi: Emirates International Investment Company (EIIC), the strategic investment arm of National Holding, today acquired a 7.6 per cent stake in Abu Dhabi Islamic Bank (ADIB) from Mubadala Investment Company. This transaction brings EIIC’s total shareholding in ADIB to 47 per cent.
EIIC has interests across diverse sectors including banking, asset management, real estate, hospitality, fintech as well as food and agriculture.
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“As a global investor, this transaction is in line with Mubadala’s strategy to create long-term value by optimising a global portfolio of investments across a variety of sectors,” it said in a statement.
For the first quarter of 2023, Abu Dhabi Islamic Bank (ADIB) reported a growth in net profit of 54 per cent to reach Dh1.1 billion, driven by significant growth as well as higher margins. The bank reported record revenues of Dh2 billion for the same period, up by 45 per cent year-on-year.
This was underpinned by an 81 per cent growth in funded income to Dh1.4 billion, derived from growth in customer financing and higher margins. ADIB also delivered a record return on equity of 23.4 per cent. The Shariah-compliant bank continues to attract customers, welcoming 46,000 new customers in the first three months of 2023 alone.