Foreign currencies account for 11.50% of ADCB's customer loans by June-2023 end

First Bank

10/17/2023 9:47:00 AM

ADCB Egypt

The financial statements of Abu Dhabi Commercial Bank - Egypt, ending on June 30, 2023, revealed a good performance, with the bank's net customer loans increasing by EGP 1.10 bn, reaching EGP30.88 bn by the end of June 2023, compared to EGP 29.78 bn by the end of 2022, achieving a growth rate of 3.70% on a semi-annual basis.

First Bank highlights the growth in the bank's customer loan portfolio in different currencies during the first half of 2023. The bank's customer loans in local currency grew by 3.04% during the first half of the current year, moving from EGP 26.52 bn at the end of 2022 to EGP27.33 bn at the end of the first half of 2023, an increase of EGP 807 mn.

The customer loan portfolio in EGP represents the majority share of the bank's net customer loans, accounting for about 88.5% by the end of the first half of 2023. As for the net customer loans in foreign currencies, it increased to the equivalent of EGP3.55 bn by the end of June 2023, compared to EGP3.26 bn at the end of the previous year, with a growth rate of 9.02% and an increase of approximately EGP294 mn.

The relative weight of Abu Dhabi Commercial Bank's customer loan portfolio in foreign currencies was about 11.5% of the bank's net customer loan portfolio by the end of June 2023.

Furthermore, customer loans in US dollars accounted for the majority share of the bank's net customer loans in foreign currencies, capturing about 91% of the foreign currency loans by the end of the second quarter of the current year.

This marked a 10% increase, totaling EGP3.24 bn by the end of the first 6 months of 2023, compared to EGP2.95 bn by the end of 2022, an increase of approximately EGP294 mn.

Meanwhile, customer loans in Euro remained stable during the first half of 2023, totaling the equivalent of EGP314.4 mn by the end of last June, compared to EGP 314.9 mn by the end of 2022, forming a small percentage of the net loans in foreign currencies during the first 6 months of 2023.