ADCB Egypt grows by 35.3% on First Bank composite growth index during 2023

The Separate financial statements of ADCB Egypt, which ended on December 31st of the last year, revealed that the bank achieved a composite growth rate of 35.3% in 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to December 2023.

ADCB Egypt managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 92.2%, recording EGP 2.047 bn during 2023, compared to EGP 1.065 bn during 2022, with an increase of EGP 982mn.

Total customer loans at the bank were the second contributor to this growth, it grew with a growth rate of 20.3% by 2023 End, reaching EGP 37.79 bn by the end of December 2023, compared to EGP 31.40 bn at the end of December 2022, an increase of EGP 6.39bn.

Total customer deposits was the third contributor in growth of ADCB Egypt with a growth rate of 14.8% and an increase of approximately EGP 9.4 bn during 2023, to record EGP 86.64 bn by the end of December 2023, compared to EGP 75.49 bn at the end of December 2022.

The size of Asset portfolio, increased by 13.8% during the last year, reaching EGP 98.06 bn by the end of December 2023, compared to EGP 86.17 bn at the end of December 2022, with an increase of EGP 11.89 bn.