ADCB Egypt sees significant increase in financial investments at 9M-22

2/7/2023 11:30:42 AM

Abu Dhabi Commercial Bank-Egypt topped the “First Bank” list of the fastest growing banks in total financial investments during the first 9 months of last year, continuing its sturdy performance since entering the Egyptian market in August 2020 under the leadership of Ihab ElSewerky, the CEO and Managing Director of the bank.

The Bank's ranking in the first place has deservedly comes after it achieved a growth rate of 74.31% in its total financial investments during the first 9 months of 2022, to reach 28.35 billion pounds at the end of last September, compared to 16.26 billion at the end of December 2021, an increase of 12.085 billion pounds.

The large increases in the bank's total financial investments are mainly due to the large increase in its T-bills purchasing, which rose from EGP 10.813 billion at the end of 2021 to EGP 21.171 billion at the end of September 2022, a growth rate of 95.78%, and an increase of EGP 10.357 billion.

This increase mainly came from T-bills with a maturity greater than 182 days to 364 days, as they constituted about 74.36% of the bank’s total T-bills, after rising from 11.456 billion pounds at the end of 2021, to 15.742 billion pounds at the end of last September.

The Bank's financial investments at fair value through the comprehensive income were also a reason behind the increase it has witnessed in its total financial investments, as it increased by 42.44%, to record 6.848 billion pounds at the end of September 2022, compared to 4.808 billion pounds at the end of 2021, an increase of 2.040 billion pounds.

However, bank's total financial investments were not affected by the decline it has seen in its financial investments at depreciated cost of 328.442 million pounds at the end of last September, compared to 641.223 million pounds at the end of 2021.

The strong performance of the bank in financial investments was translate into the increase in its market share, to reach 0.70% of the total financial investments (financial portfolios) in the banking sector by the end of the third quarter of 2022, compared to 0.49% by the end of 2021.

It is expected that the bank’s upward performance will continue, especially in this market with its increasing attention to the financial investments.The bank’s total financial investments have increased by about 140.7% since entering the Egyptian market, to 28 billion pounds at the end of Q3 of 2022, compared to 11.78 billion pounds at the end of June 2020, an increase of 16.57 billion pounds.