ABC Egypt grows by 22.7% on First Bank’s composite growth Index during H1-2024

ABC Egypt's separate financial statements for the financial period ended June 30 revealed a composite growth rate of 22.7% during the first half of 2024.

This rate was measured using a composite index established by First Bank to assess the financial performance of banks across various branches of activity, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the first half of this year.

The Bank was able to achieve positive results in its four sub-indicators constituting the First Bank index, primarily net profits, which accounted for the largest proportion of the growth of the Bank's activity.

The bank's net profit jumped by 52.49%, reaching EGP 1.071 bn in the first half of 2024, compared to EGP 702.6 mn in the same period from 2023, with an increase of EGP 369 mn.

Loans portfolio was the second contributor to this growth, with the bank's total customer loans rising by 14.27% during the first half of this year, reaching EGP 26.64 bn by the end of June 2024, compared to EGP 23.31 bn by the end of 2023, with an increase of EGP 3.33 bn.

The Bank's deposit portfolio was the third contributor to this growth, rising by 12.20% in the first 6 months of this year, to EGP 64.83 bn by the end of June 2024, compared to EGP 57.77 bn by the end of 2023, representing an increase of EGP 7.05 bn.

Asset portfolio rose by 12.03% in the first half of this year, reaching EGP 77.71 bn by the end of June 2024, compared to EGP 69.36 bn by the end of 2023, with an increase of EGP 8.35 bn.