ADCB Egypt achieves strong performance in its financial Efficiency indicators during Q1- 2024
First Bank
ADCB Egypt was able to achieve strong performance in terms of its financial efficiency indicators during the first quarter of the current year, under the leadership of Ihab El Sewerky, the bank's CEO & Managing Director.
The following analysis reviews the Bank's development in financial efficiency indicators from January to March 2024:
ADCB Egypt's financial statements, which ended on March 31, revealed that the bank achieved return on average equity (ROE) of 9.40% in the first quarter of 2024, compared to 4.89% in the same period from 2023.
The return on average assets (ROA) jumped to 0.88% in the first quarter of 2024, compared to 0.41% in the first quarter of 2023.
The main reason for the rise in ROE and ROA of the Bank was able to achieve net profits of EGP 910 mn during the first quarter of 2024, compared to EGP349mn during the same period in 2023, with a growth rate of 160.57%.
In terms of earnings per share, ADCB Egypt recorded growth of 177.42% during the period from January to March of this year, with ADCB Egypt's share of net profits reaching around EGP 0.86per share in the first quarter of 2024, compared to EGP 0.31 during the same period from 2023.
It is worth mentioning that the Bank achieved a growth in its equity portfolio of 10% in the first quarter of this year, registering EGP 10.1 bn by the end of March 2024, compared to EGP9.2 bn by the end of December 2023.
The volume of the Bank's asset portfolio also increased at a growth rate of 10% during the first 3 months of the current year, recording EGP 107.8 bn by the end of March 2024, compared to EGP98.1 bn by the end of December 2023, with an increase of EGP 9.7 bn.
