ADCB - Egypt Surges: Tripling Profits, Dominating Digital Innovation, and Winning Prestigious Global Awards

The indicators of Abu Dhabi Commercial Bank - Egypt witnessed significant growth since its entry into the Egyptian banking market in August 2020, following the parent group's acquisition of the National Bank.

This reflects its successful strategy and efficiency in achieving rapid growth, led by CEO Ihab El Sewerky and his team. In light of this remarkable growth, First Bank observes the key developments of the bank since its entry into the Egyptian banking market.

Abu Dhabi Commercial Bank's assets surged to EGP83.62 bn by the end of the first half of 2023, compared to EGP 29.88 bn at the end of June 2020, showing a growth rate of 179.87%. Customer deposits increased to EGP73.76 bn, marking a growth of 195.04% and an increase of 48.76 bn.

The bank also expanded its financial investments and t-bills significantly, reaching a total portfolio of EGP25.72 bn by the end of June 2023, compared to EGP 10.27 bn at the end of June 2020, with an increase of EGP15.46 bn.

Under El Sewerky's leadership, the bank focused on enhancing its customer financing, resulting in a total bank loan portfolio of EGP 32.48 bn by the end of June 2023, compared to EGP 15.1 bn at the end of the first half of 2020, showing a growth rate of 115.17% and an increase oEGP17.39 bn.

Furthermore, the bank prioritized regulatory compliance, increasing its issued and paid-up capital to approximately EGP5 bn by the end of the first half of 2023, exceeding the Central Bank of Egypt's prescribed limit EGP5 bn.

ADCB also introduced new digital solutions to drive digital transformation and continuous development, launching services like mobile account opening and implementing advanced technologies for secure and convenient banking transactions.

Additionally, the bank implemented an instant system enhanced with artificial intelligence to combat fraud, strengthening its control and immediate counteraction against fraudulent activities in various banking services.

Ihab El Sewerky's efforts led ADCB - Egypt to triple its net profits, recording EGP816.83 mn during the first half of 2023, compared to EGP 195.27 mn during the same period in 2020, reflecting a growth rate of 318.31% and an increase of EGP621.56 mn.

The bank received international recognition, winning several prestigious awards, including "Best Online Banking Service in Egypt," "Best New Bank in Egypt," and "Most Innovative Digital Bank in Egypt" for 2023 from Global Business World magazine.

It also earned awards such as "Best New Bank" and "Fastest Growing Bank" in retail banking and corporate finance from Business Outlook and International Business for its outstanding financial performance and sustainable growth.