ADCB Egypt grows by 6.61% on FirstBank Composite Growth Index during Q1-2023.
The separate financial statements of Abu Dhabi Commercial Bank – Egypt, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 6.61% in all branches of activity that include net profits, deposit, loan, and bank asset portfolios.
This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single number, during the first quarter of 2023; ADCB achieved positive results on 3 sub-indicators out of 4 indicators that made First Bank Composite Growth Index.
Net profit increased by 21.98%, to record EGP349.107 mn during the first quarter of this year, compared to EGP286.195 mn during the same period last year, an increase of EGP62.9 mn.
Total portfolio of bank customer loans rose to EGP 32.587 bn at the end of March 2023, compared to EGP31.404 bn at the end of December 2022, achieving a growth rate of 3.77%, and an increase of EGP1.183 bn.
Total customer deposit portfolio increased by a growth rate of 1.47% during the first quarter of this year, bringing the total portfolio from EGP 75.492 bn at the end of December 2022 to EGP 76.605 bn at the end of the first quarter of this year, achieving an increase of EGP 1.113 bn.
While total assets of the bank recorded a slight decline of 0.80% during the first quarter of this year, as it moved from EGP86.171 bn at the end of December 2022, to record EGP85.484 bn at the end of March 2023.
