National Holding’s strategic investment arm, Emirates International Investment Company LLC (EIIC), has acquired a 7.6% stake in Abu Dhabi Islamic Bank (ADIB) from Mubadala Investment Company (Mubadala).
This acquisition increases EIIC’s total ownership in ADIB to 47%, demonstrating strong confidence in the long-term growth potential of the UAE’s second-largest Islamic lender by assets.
EIIC has diversified interests spanning various sectors, including banking, asset management, real estate, hospitality, fintech, as well as food and agriculture, according to WAM.
This transaction aligns with Mubadala’s global investment strategy to generate long-term value by optimizing its portfolio of investments across diverse sectors. Mubadala maintains its commitment to the UAE banking industry, being one of the sector’s biggest investors.
Abu Dhabi Islamic Bank (ADIB) has announced its financial results for Q1 2023, reporting a 54% increase in net profit to AED 1.1B, propelled by substantial growth and higher margins. The bank also achieved record revenues of AED 2B during the same period, reflecting a YoY increase of 45%.
The growth in ADIB’s revenue was largely driven by an 81% rise in funded income, which amounted to AED 1.4B. This growth was mainly due to an increase in customer financing and higher margins. Additionally, ADIB achieved a record return on equity of 23.4%.
As a Shariah-compliant bank, ADIB continues to attract new customers, with 46,000 new customers joining the bank in the first quarter of 2023 alone.
