New tax treatment won’t affect ADIB’s 2018 financial results

Abu Dhabi Islamic Bank’s 2018 financial results will not be affected by proposed amendments to the tax treatment of bank income from government debt, the bank said in an EGX disclosure (pdf). The bank expects, however, a decline of up to 8% in its 2019 profits. CIB and QNB had also said last week that their 2018 financial results will not reflect the impact of the proposed amendments.