ADCB – Egypt records the fastest quarterly growth in its net profit in 5 years
First Bank
Abu Dhabi Commercial Bank - Egypt (ADCB) achieved strong net profit growth during the year, rising by about 160.6%, to EGP 909.7 mn during Q1 of the year, compared to EGP 349.1 mn during the same period in 2023, with an increase of EGP 560.6 mn, recording the fastest quarterly growth in its net profits in 5 years.
In Q1 of 2020, the bank recorded a rise in net profits of about 21%, while growth of about 28.1% during the same period in 2021.
As for its performance during the first 3M of 2022, ADCB – Egypt achieved a net profit growth of 68.3%, while a rise of about 22% during the same period from 2023.
Overall, the Bank performed well this year, with the asset portfolio rising by 9.90%, reaching EGP 107.768 bn by the end of March 2024, compared to EGP 98.064 mn by the end of 2023.
Its customer deposit portfolio jumped from EGP 86.6 bn by the end of 2023, to EGP 93.5 bn by the end of March, with a growth rate of 7.9%, and an increase of EGP 6.8 bn.
Its total customer loans rose to EGP 43.1 bn by the end of March 2024, compared to EGP 37.8 bn by the end of 2023, with a growth of 14.1% and an increase of EGP 5.3 bn.
Net interest income rose by 79.2% to EGP 1.7 bn during Q1 of this year, compared to EGP 939.6 mn during the same period in 2023, with an increase of EGP 744.6 mn.
Net fees and commissions income rose to EGP 247.9 mn during Q1 of 2024, compared to EGP 176.7 mn in the same period from 2023, with a growth rate of 40.3% and an increase of EGP 71.2 mn.
