Tuesday 18, September 2018 by Kudakwashe

ADIB aims to boost lending after capital increase


The bank expects to grow lending by up to five per cent this year, compared with two per cent in 2017.

Abu Dhabi Islamic Bank (ADIB) is expecting to increase lending in 2018 after boosting its capital.

Khamis Buharoon al-Shamsi, ADIB’s acting-CE, said that with the capital increase, the lender will grow the balance sheet and can lend more.

ADIB will complete its AED 1 billion ($272.4 million) rights issue next week, increasing its share capital to AED 3.63 billion from AED 3.17 billion. The bank raised $750 million of additional tier-one capital through a perpetual Sukuk last week.

The bank is said to be looking at lending to new business sectors, such as shipping, manufacturing as well as education, health and growing its share of the retail market by spending on digital technology, reported Reuters.

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