Bank ABC Merger with Blom - Egypt Boosts Customer Loan Growth by 505%

The merger of ABC Bank with Blom significantly strengthened its loans portfolio, as evidenced by the rise in total loans and facilities of the Bank to EGP 32.1 bn by the end of September 2024, compared to 5.3 billion pounds by the end of 2022, with a growth of 505.4% and an increase of 26.8 billion pounds.

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.

ABC Bank last year showed strong performance reflecting its significant benefit from the merger, 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.

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.

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