ADCB - Egypt changes its investment plans in 2023 as Loans are its top priority

Abu Dhabi Commercial Bank Egypt's latest separate list revealed changes in its investment policy over the past year, as economic policy rules change locally and globally.

A survey conducted by First Bank showed the Bank's strong return towards expanding investment in loans over the past year, which showed the relative weight of its loans from its total assets portfolio to 36.65% by the end of 2023, compared to 34.56% by the end of 2022, as the first investment destination for the Bank is to employ its depositors' funds, instead of financial investments. 

On the other hand, ADCB – Egypt’s direction towards financial investments and Treasury bills declined to 32.46% of total assets by the end of 2023, compared to 35.76% by the end of 2022.

The Bank also increased its focus on investing in balances in banks as their relative weight reached 16.82% of the Bank’s total assets by the end of 2023, compared to 13.72% by the end of 2022.

While the Bank has reduced its direction towards putting cash and balances in the Central Bank of Egypt, as their relative weigh reached 11.70% of its total assets by the end of 2023, compared to 13.88% by the end of 2022.

ADCB - Egypt policies in 2023 resulted in good growth rates, with the bank's net profits rising by 92.2% over the past year, to register 2 bn pounds in 2023, compared to 1.1 bn pounds in 2022, with an increase of 981.9 mn pounds.

The Bank's pre-tax profits jumped to 3.1 bn pounds in 2023, compared to 1.7 bn pounds in 2022, with growth of 86.2% and an increase of 1.4 bn pounds.

Net interest income rose by 58.5% over the past year, registering 4.6 bn pounds in 2023, compared to 2.9 bn pounds in 2022, with an increase of 1.7 bn pounds.

Net fees and commissions income rose from EGP 479.4 mn in 2022, to EGP 644.1 mn in 2023, a growth of 34.4% and an increase of Pound164.7 million.

Regarding the bank's financial position, the asset portfolio rose by 13.8% over the past year, reaching 981 bn pounds by the end of December 2023, compared to 86.2 bn pounds by the end of 2022, with an increase of 11.9 bn pounds.

The Bank's customer deposit portfolio jumped from EGP 75.5 bn by the end of 2022, to EGP 86.6 bn by the end of 2023, with a growth of 14.8% and an increase of EGP 11.1 billion.

The bank's net customer loans grew by 21% and increased by 6.16 bn pounds last year, registering 35.94 bn pounds by the end of December 2023, compared to 29.78 bn by the end of December 2022.

The Bank's total financial investments rose by 3.3%, with an increase of 1.02 bn pounds over the past year, to record 31.83 bn pounds by the end of December 2023, compared to 30.82 bn by the end of December 2022.