ADCB – Egypt Achieves Fastest Annual Growth in Net Profits Last 5 Years
Mai El-Kafoury
Abu Dhabi Commercial Bank - Egypt boosted its net profits significantly over the past year, as demonstrated by achieving a EGP 2.05 bn in net profits in 2023, compared to EGP 1.1 bn in 2022, with a record growth of 92.2% and an increase of EGP 981.9 mn, recording the fastest annual growth in 5 years.
Turning to its net profit growth rates over the past five years, it grew by 58.9% in 2019, while it rose by 14.3% in 2020, despite the negative repercussions of the coronavirus pandemic that year. The year was when the ADCB brand was launched in Egypt following the acquisition of the Union National Bank (UNB) by the main Group as part of its ambitious plan to expand in Egypt.
ADCB managed to achieve 44.8% net profits growth in 2021, and then increased about 50% in 2022.
Overall, ADCB – Egypt has performed well over the past year, rising its Pre-taxes profit to EGP 3.101 bn in 2023, compared to EGP 1.665 bn in 2022, with a growth of 86.21% and an increase of EGP 1.436 bn.
Net interest income rose by 58.48% over the past year, registering EGP 4.576 bn in 2023, compared to EGP 2.887 bn in 2022, with an increase of EGP 1.688 bn.
Net fees and commissions income rose from EGP 479.401 mn in 2022, to EGP 644.058 mn in 2023, with a growth of 34.35% and an increase of EGP 164.657 mn.
Regarding the bank's financial position, the assets portfolio rose by 13.80% over the past year, reaching EGP 98.064 bn by the end of December 2023, compared to EGP 86.170 bn by the end of 2022, with an increase of EGP 11.894 bn.
Total Bank’s customer loans rose to EGP 37.790 bn by the end of December 2023, compared to EGP 31.404 bn by the end of 2022, with a growth of 20.34% and an increase of EGP 6.386 bn.
The customer deposit portfolio jumped from EGP 75.492 bn by the end of 2022, to EGP 86.635 bn by the end of 2023, with a growth of 14.76% and an increase of EGP 11.143 bn.
