ADIB Egypt’s mortgage Loans portfolio jumps by 334.67% it at 9M-22

Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) topped First Bank list of the fastest growing banks in terms of mortgage loans during the first 9 months of last year, continuing its sturdy performance under the leadership of Mohamed Aly, the bank’s CEO.

The bank has been deservedly ranked on the first place after it achieved a growth rate of 334.67%, its mortgage loans portfolio recorded 159.3 million pounds at the end of September 2022, compared to 36.7 million pounds at the end of December 2021.

The large increase achieved by the bank in mortgage loan portfolio comes as part of its growing interest in retail banking, yet it has not been translated into a significant jump in its total retail banking portfolio, as the bank achieved weak growth in it. Thus, its total retail loans portfolio increased by 8.76%, to reach 14.19 billion pounds by the end of September, compared to 13.05 billion pounds by the end of 2021, an increase of 1.14 billion pounds.

However, the significant increase in the bank’s mortgage loan portfolio did not have a noticeable impact on the total retail banking portfolio, as mortgage loans represent a very limited percentage of the total portfolio, reached 1.12% at the end of last September.

Yet, the personal loans comes at the forefront of retail banking products, as it represented 94.87% of the total retail banking portfolio by the end of the third quarter of 2022, after it increased by 8%, to reach 13.46 billion pounds at the end of last September, compared to 12.47 billion pounds at the end of 2021.

While credit cards ranked second among retail banking products, 3.96% of the bank’s total loans and facilities to customers, after rising from 536.81 million pounds at the end of 2021, compared to 561.91 million pounds at the end of the third quarter of 2022, achieving a growth rate of 4.68%, and an increase of 25.1 million pound.