ADCB - Egypt Tops Fastest Growing Banks in Credit Cards in Q1-2023

Abu Dhabi Commercial Bank - Egypt has topped First Bank list of fastest growing banks in credit cards during the first quarter of the current year. Its portfolio increased by 23.86%, reaching EGP 164.54 mn by the end of the first quarter of 2023, compared to EGP 132.85 mn by the end of 2022, representing an increase of EGP 31.7 mn.

The bank maintained its lead, as it had previously ranked first on First Bank list of the fastest growing banks in credit cards at the end of 2022.

The bank was able to achieve a moderate performance during the current year, as its net profits increased by 21.98%, reaching EGP 349.11 mn during the first quarter of the current year, compared to EGP 286.2 mn during the same period of the previous year, achieving an increase of EGP 62.9 mn.

Total customer loans and facilities increased by 3.8% during the first quarter of the current year, with an increase of EGP 1.18 bn, reaching EGP 32.6 bn by the end of March 2023, compared to EGP 31.4 bn by the end of 2022.

Customer deposit portfolio rose by 1.47%, as the bank managed to increase its deposits by EGP 1.11 bn, reaching EGP 76.6 bn by the end of March 2023, compared to EGP 75.5 bn by the end of 2022.

Meanwhile, the bank recorded a slight decline of 0.69% in its asset portfolio, with a value of EGP 85.5 bn by the end of March 2023, compared to EGP 86.2 bn by the end of 2022.