ABC Egypt’s financial efficiency indicators evolution during Q1- 2024
First Bank
ABC-Egypt managed to achieve stability in its financial efficiency indicators during the first quarter of the current year. The following analysis highlights the bank's development in financial efficiency indicators during Q1-2024.
The financial statements of ABC Egypt, ending on March 31, 2024, revealed that the bank achieved stable in return on average equity (ROE) of 0.77% during the first quarter of 2024, compared to 0.76% during the same period of 2023.
The return on average assets (ROA) of the bank declined to record 6.60% during the first 3 months of the current year, compared to 7.45% during Q1-2023.
The bank's net profits rose with a growth rate of 72.51%, reaching EGP 559.5mn during Q1-2024, compared to EGP 324.3mn during the same period in 2023, an increase of EGP 235.2mn.
In terms of earnings per share, the bank recorded a growth rate of 74.14% during the first 3 months of 2024, with the bank's share of net profits reaching about EGP 1.01 per share during 2024, compared to EGP 0.58 during Q1-2023.
It is worth mentioning that the bank achieved a growth of 6.85% in its equity portfolio during 2023, as it increased from EGP 8.19bn at the end of December 2023 to EGP 8.75bn at the end of March 2024, an increase of EGP 559mn.
The bank's asset portfolio also surged by 10.14% during the first quarter of the current year, reaching EGP 76.40bn at the end of March 2024, compared to EGP 69.37bn at the end of December 2023, an increase of EGP 7.03bn.
