ADIB Egypt’s growth accelerates to 42% during Q1-2024

ADIB Egypt achieved an acceleration in growth during the first quarter of the current year compared to the fourth quarter of the last year, recording a composite growth rate of 42% during Q1-2024, compared to a composite growth rate of 26.88% during Q4-2023.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

ADIB Egypt managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the first quarter of the current year, especially in net profits, registering a growth rate of 110.43% in its net profits during Q1-2024.

The bank's total customer loans contributed to this growth, with a growth rate of 26.98% during the First quarter of this year, while total assets and deposit portfolios increased by growth rates of 17.74% and 12.74%, respectively, during the period from January to March 2024.

As for Q4-2023, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 84.50% in its net profits during the period from October to December 2023.

The bank's total deposits rose by 10.27% during the fourth quarter of the current year, while asset portfolio and customer loans increased by growth rates of 9.18% and 3.57%, respectively, during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.