ADCB-Egypt Reports 61.15% Net Profit Growth, Records EGP 816.8 Mn in H1-2023

The latest financial results of Abu Dhabi Commercial Bank - Egypt, ending on June 30, 2023, as released on the bank's website recently, reveal a remarkable 61.15% increase in the bank's net profit during the first 6 months of the current year.

The bank's net profit reached EGP 816.8 mn in the first half of 2023, compared to EGP 506.9 mn in the first half of 2022, marking a substantial increase of approximately EGP 310 mn.

Pre-tax profit in the bank surged by an impressive 82.59%, totaling EGP 1.404 bn in the first half of 2023, compared to EGP 7.689 mn in the first half of 2022, indicating a substantial growth of EGP 635 mn during the same period.

The bank expanded credit offerings to its customers, as the total portfolio of loans and facilities to customers grew by 3.44% with an increase of EGP 1.08 bn in the first half of the current year. The portfolio reached EGP 32.484 bn by the end of June 2023, up from EGP 31.404 bn by the end of December 2022.

The total value of the bank's asset portfolio stood at around EGP 83.619 bn by the end of June 2023, compared to EGP 86.171 bn by the end of December 2022. Meanwhile, the size of the bank's deposit portfolio amounted to EGP 73.763 bn, compared to EGP 75.492 bn in the same previous periods mentioned.