Abu Dhabi Islamic Bank - Egypt (ADIB) is at the forefront of the banking sector, exhibiting a notable increase of +2.7% during the CLT session at 10:40 on February 14, 2024. Currently trading at EGP 48.52 per share, ADIB is just -3.9% away from its all-time high price of EGP 50.49, which was recorded on January 30, 2024. This surge follows the bank's announcement earlier today of its financial year-end 2023 results, revealing impressive growth with net profits doubling and reaching a remarkable +111.2%. ADIB achieved a net profit of EGP 4.6 billion, compared to EGP 2.1 billion for the same period last year, with earnings per share (EPS) standing at EGP 8.67.
Top Banking Sector Traded Stocks
*Data prices as of 14/02/2024 session 10:40 CLT
In addition to ADIB's impressive financial performance, the board of directors has made significant decisions. These decisions, which we have attached below for reference, include the following key highlights:
Approval of the proposed increase in the bank's authorized capital from EGP 7 billion to EGP 10 billion, representing a substantial increase of EGP 3 billion.
Approval of the proposed increase in the issued and paid-up capital from EGP 5 billion to EGP 6 billion. This increase will be facilitated by distributing free shares worth EGP 1 billion, allocated as 0.2 share for every existing share held prior to the capital increase
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