ABC Bank Merger with BLOM Boosts Customer Deposit Growth by 401%

1/26/2025 6:20:26 PM

ABC Bank witnessed a marked surge in total deposits of its customers following its merger with BLOM Egypt. Its portfolio volume jumped by 401% in less than two years, moving from 13.78 billion pounds by the end of December 2022, reaching 69 billion by the end of September 2024, marking an increase of 55.22 billion pounds, reflecting strong financial performance and increased customer confidence.

The legal merger between the Arab Banking Corporation (Merged Bank) and the Merged Bank (Merged Bank) was completed and approved by the Regular General Assembly on October 10, 2022, and was marked in the Commercial Registry of the Bank "ABC - Egypt" on January 1, 2023, according to financial statements on December 31, 2022.

This merger is an important strategic step that has contributed to expanding operations and enhancing the Bank's market share in the banking sector, and has provided greater potential for operational efficiency and sustainable growth in the Egyptian market.

The Bank of the Arab Banking Corporation "ABC" last year showed strong performance reflecting its benefit from the merger process, with the Bank achieving a net profit of 1.592 billion pounds during the first 9 months of 2024 at a growth rate of 56% compared to the same period in 2023.

Total activity revenue in the bank rose by 30%, reaching 3.905 billion pounds in the first 9 months of 2024, compared with 3.003 billion pounds in the same period in 2023, an increase of 902 million pounds.

Net interest income grew by 28% and increased by 710 billion pounds, reaching 3.283 billion pounds in the first 9 months of 2024, compared to 2.573 billion during the same period in 2023.

Net income from fees and commissions amounted to Pound393 million during the first 9 months of 2024, compared to Pound326 million during the same period the previous year, an increase of Pound67 million and a growth rate of 21%.

At the level of the bank's financial position, its total asset portfolio grew by 19% and increased by 13.4 billion pounds during the first 9 months of last year, registering about 82.8 billion pounds by the end of September 2024, compared to 69.4 billion pounds by the end of December 2023.