ADCB Egypt Top Banks in focusing on corporate deposits by March-2023 end

Egypt's Abu Dhabi Commercial Bank has claimed the top spot on First Bank list of most banks focused on corporate deposits by the end of the first quarter of 2023. The bank's portfolio of corporate deposits accounted for a staggering 84.87% of its total deposit portfolio.

The bank's corporate deposit portfolio increased by 1.02%, reaching EGP 65.02 bn by the end of March 2023, compared to EGP 64.36 bn at the end of 2022, representing an increase of EGP 657.28 mn.

while, The bank's total customer deposits surged by 1.47% recording EGP 76.60 bn by the end of March 2023, compared to EGP 75.49 bn by the end of 2022, with an increase of EGP 1.11 bn.

Overall, ADCB Egypt continues to demonstrate robust performance throughout the current year, as indicated by its results for the first six months of the year. Net profits have surged by 61.15%, totaling EGP 816.8 mn during the first half of 2023, compared to EGP 506.9 mn during the same period in 2022, with an increase of EGP 310 mn.

Net interest income reached EGP 1.99 bn during the first half of 2023, compared EGP 1.15 bn in the same period of 2022, reflecting a growth rate of 72.71% and an increase of EGP 838.44 mn.

Net fees and commissions income surged by 37.28%, reaching EGP 333.43 mn during the first half of the current year, compared to EGP 242.89 mn during the same period in 2022, representing an increase of EGP 90.54 mn.