Ihab El Sewerky Makes a Remarkable Difference with ADCB Egypt in Record Time

Amid challenging global conditions following COVID-19 pandemic in March 2020, Abu Dhabi Commercial Bank entered the Egyptian banking market in August of the same year, establishing itself as a distinctive brand in an environment that is not easy to grow in.

This success reflects the bank's strategy and efficiency in achieving significant growth in a short period of time. It has secured a permanent seat on the list of the fastest-growing banks in Egypt, thanks to its team of top banking professionals led by CEO and Managing Director Ihab El Sewerky.

In light of this remarkable growth, First Bank highlights the performance of ADCB Egypt since its entry into the Egyptian market.

Since entering the Egyptian banking market, Abu Dhabi Commercial Bank has achieved balanced growth across all activities and sectors while maintaining efficiency levels and risk ratios. It has managed to strengthen its assets, reaching EGP 85.48 bn by the end of the first quarter of 2023, compared to EGP 29.58 bn by the end of 2019, achieving a growth rate of 188.98% and an increase of EGP 55.90 bn.

Loans and facilities to customers increased by 144.25%, reaching EGP 32.59 bn by the end of March 2023, compared to EGP 13.34 bn by the end of 2019, with an increase of EGP 19.24 bn.

This was a result of the bank's increased financing to corporates, with the bank's loans to them reaching EGP 24.63 bn by the end of March 2023, compared to EGP 8.29 bn by the end of 2019, achieving a growth rate of 197.25% and an increase of EGP 16.35 bn.

The bank also played a role in financing individuals, as evidenced by the increase in its Retail loan portfolio from EGP 5.05 bn by the end of 2019 to EGP 7.95 bn by the end of March 2023, with a growth rate of 57.34% and an increase of EGP 2.9 bn. This is due to its focus on expanding its retail banking sector in the Egyptian market, particularly by pioneering digital banking services and products, which are distinctive in the region.

The bank succeeded in attracting more customers, evident in the significant growth of its customer deposits, which reached EGP 76.60 bn by the end of the first quarter of 2023, compared to EGP 25.58 bn by the end of 2019, with a growth rate of 199.51% and an increase of EGP 51.03 bn.

This significant growth in Abu Dhabi Commercial Bank's customer deposits is a result of its success in gaining the trust of more companies, as reflected in the increase in its institutional deposits by 256.10%, reaching EGP 65.02 bn by the end of the first quarter of March 2023, compared to EGP 18.26 bn by the end of 2019, with an increase of EGP 46.76 bn.

The bank also attracted more individuals and strengthened their trust, as shown by the increase in its Retail deposits by 58.33%, reaching EGP 11.59 bn by the end of March 2023, compared to EGP 7.32 bn by the end of 2019, with an increase of EGP 4.27 bn.

ADCB Egypt has significantly expanded its financial investments and T-bills, jumping from EGP 11.996 bn at the end of 2019 to EGP25.87 bn at the end of the first quarter of 2023, with a growth rate of 115.61% and an increase of EGP13.87 bn.

The bank has also managed to significantly increase its capital, rising by 239.03% to reach EGP5 bn at the end of March 2023, compared to EGP1.47 bn at the end of 2019, with an increase of EGP3.53 bn.

This strong performance has driven the bank to achieve strong profitability levels. Its net profits have increased by 148.14%, reaching EGP1.07 bn in 2022, compared to EGP429.28 mn in 2019, with an increase of EGP635.93 mn.

As for the bank's net profits during the current year, they have jumped by 21.98%, recording EGP349.11 mn during the first quarter of 2023, compared to EGP286.2 mn during the same period in 2022, with an increase of EGP 62.91 mn.

Since entering the Egyptian market, Abu Dhabi Commercial Bank - Egypt has shown great interest in digital banking services to increase customer satisfaction. This is evident from the bank's launch of several distinguished services, including mobile banking and internet banking for individuals and companies, which include international transfers.

In addition, the bank has increased the number of cash deposit machines and telephone banking services, as well as interactive dialogue on the website, which relies on the latest technology and innovative and secure methods to facilitate all banking transactions for customers.

The bank has also launched the first real-time system enhanced with AI to combat fraud, enhancing the bank's capabilities in controlling and instantly combating fraud in various banking services.