ADCB Egypt grows by 48.1% on FirstBank composite growth index during Q1-2024

The financial statements of ADCB Egypt, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 48.10% during the first 3 months of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during Q1- 2024.

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 160.57%, reaching EGP 909.7mn during the first quarter of 2024, compared to EGP 349.1 mn during the same period of 2023, with an increase of EGP 560.6mn.

Total customer loans at the bank were the second contributor to this growth, it grew with a growth rate of 14.05% during Q1-2024, reaching EGP 43.10 bn by the end of March 2024, compared to EGP 37.79 bn at the end of December 2023, an increase of EGP 5.31bn.

The bank's asset portfolio was the third contributor to the growth, rising by 9.9% and an increase of approximately EGP 9.70bn during Q1-2024, reaching EGP 107.77bn by the end of March 2024, compared to EGP 98.06 bn by the end of December 2023.

In addition, Total customer deposits surged by 7.9% during the first 3 months of the current year, to record EGP 93.46 bn by the end of March 2024, compared to EGP 86.64 bn by the end of December 2023, with an increase of EGP 6.82 bn.