ADCB Egypt achieves strong performance in its financial Efficiency indicators during H1- 2024
First Bank
ADCB Egypt was able to achieve strong performance in terms of its financial efficiency indicators during the first half of 2024, 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 June 2024:
ADCB Egypt's financial statements, which ended on June 30, 2024, revealed that the bank achieved return on average equity (ROE) of 20.79% in the first half of 2024, compared to 11.10% in the same period from 2023.
The return on average assets (ROA) jumped to 2.01% in the first half of 2024, compared to 0.96% in the first half of 2023.
The main reason for the rise in ROE and ROA of the Bank was able to achieve net profits of EGP 2.138bn during the first half of 2024, compared to EGP817mn during the same period in 2023, with a growth rate of 162%.
In terms of earnings per share, ADCB Egypt recorded growth of 163% during the period from January to June of this year, with ADCB Egypt's share of net profits reaching around EGP 1.92per share in the first half of 2024, compared to EGP 0.73 during the same period from 2023.
It is worth mentioning that the Bank achieved a growth in its equity portfolio of 22.8% in the first half of this year, registering EGP 11.34 bn by the end of June 2024, compared to EGP9.23 bn by the end of December 2023, with an increase of EGP2.11bn.
The volume of the Bank's asset portfolio also increased at a growth rate of 17.4% during the first 6 months of the current year, recording EGP 115.08 bn by the end of June 2024, compared to EGP98.1 bn by the end of December 2023, with an increase of EGP17.01 bn.
