ADCB Egypt retail deposits grow by 28.6%, reaching EGP 14.3 bn by end of 2023
First Bank
The separate financial statements of ADCB Egypt, ending on December 31, 2023, revealed a total growth of retail deposits by 28.55% during 2023, to record EGP 14.31 bn by the end of December 2023, compared to EGP 11.13 bn by the end of December 2022, representing 16.52% of the bank's total customer deposits.
Total portfolio of corporate deposits at the bank recorded EGP 72.32 bn by the end of December 2023, compared to EGP 64.36 bn by the end of December 2022 representing 83.48% of the bank's total deposits by 2023 End.
The increase in the total customer deposit portfolio is attributed to the rise in corporate deposit portfolio at the bank by EGP7.96bn during 2023, while retail deposits increased by EGP 3.18 bn during the same period.
The increase in the achieved growth is reflected in the portfolio of “savings certificates” which grew by 23.54%, registering an increase of EGP 1.80 bn during 2023, reaching EGP 9.44 bn by the end of December 2023, compared to EGP 7.64 bn by the end of December 2022.
Additionally, the size of ‘demand deposits’, increased by 17.01% during the last year, reaching EGP 19.64 bn by the end of 2023, compared to EGP 16.79 bn by the end of December 2022, with an increase of EGP 2.86 bn.
The size of the “time and notice deposits” portfolio Jumps by 21.73%, registering an increase of EGP 6.27 bn during 2023, reaching EGP 55.52 bn by the end of December 2023, compared to EGP 49.25 bn by the end of December 2022.
It is worth mentioning that total portfolio of customer deposits at the bank increased by 6.73% during the last year, rising from EGP 75.49 bn by the end of December 2022 to EGP86.49 bn by the end of December 2023.
