This agreement brings Emirates International Investment Company’s total stake in Abu Dhabi Islamic Bank to 47%.
Emirates International Investment Company has investments in several sectors, including banking, asset management, real estate investment, hospitality, fintech, in addition to food and agriculture.
Mubadala said in a statement that this transaction is in line with its approach to actively managing its portfolio assets and its strategy of creating long-term value by investing in various sectors. banking sector in the UAE, as one of the largest investors in the sector.
Abu Dhabi Islamic Bank had announced a growth in its net profit, during the first quarter of 2023, of 54%, to reach 300 million dollars.
The bank recorded record revenues of $540 million for the same period, representing growth of 45% on an annual basis.
This was driven by an 81% growth in customer finance revenue to $380 million due to growth in customer finance transactions and higher profit margins.
The bank also achieved a record return on equity of 23.4%, and the bank, whose transactions comply with the provisions of Islamic Shariah, continues to attract and attract customers, as 46,000 new customers have joins the list of bank customers, in the first three months of 2023.
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