ABC Egypt's net profits grow by 154%, recording EGP1.018 bn At 9M-2023
First Bank
ABC Egypt disclosed its financial performance indicators for the period ending on September 30th, revealing a net profit increase to EGP 1.018 mn compared to EGP 401 mn in the same period of 2022, marking a 154% growth.
The bank’s total financial center assets reached EGP 70.4 bn by September 2023, showing a 7% growth in the first 9 months of the current year.
Total loans and facilities for customers and banks reached EGP 22.5 bn by September 2023, a rise from EGP 20.3 bn in December 2022, with an 11% growth. Customer deposits also increased by 6.4%, totaling EGP 60.4 bn by September 2023.
The bank reported total activity revenues of EGP 3 bn in the first 9 months of 2023, a 50% growth compared to the same period the previous year.
Net income from fees and commissions saw a significant increase, reaching EGP 325.9 mn, a 119% growth.
Capital was increased by EGP 1.3 bn, bringing the total to EGP 5 bn by the end of September 2023.
Amr Tharwat, the CEO of ABC – Egypt, highlighted the strong performance and strategic focus on diversifying the bank’s portfolio and expanding in the Egyptian market.
Tharwat emphasized the bank’s commitment to providing a global banking experience in Egypt, leveraging financial expertise and international presence.
He also highlighted the bank’s role in societal development, with a focus on education and health sectors through partnerships with government entities and civil institutions.
In conclusion, Tharwat stated that despite challenges in the merger process, all performance indicators demonstrated significant positive growth, reflecting the bank’s successful strategy and its commitment to strong financial performance and digital transformation.
