Success extends to the fifth year, ADCB - Egypt continues to lead under Ihab ElSewerky

Abu Dhabi Commercial Bank - Egypt becomes a leading success story since entering the Egyptian market in August 2020, becoming one of the fastest growing and most developed banks, Based on innovative digital transformation strategies and enhanced financial inclusion and supported by the efforts of Ihab ElSewerky, CEO and Managing Director of the Bank and his Team to make the bank complete 4 successful years of excellence in the Egyptian market and begin its fifth year in a row.

This was revealed by a new monitoring conducted by First Bank to monitor the development of ADCB - Egypt indicators since entering the Egyptian market, where it was able to boost its assets, reaching EGP 115.1 bn by the end of June 2024, compared to EGP 29.6 bn by the end of 2019, with a growth of 289%, and an increase of EGP 85.5 bn.

The Bank's deposit portfolio rose from EGP 25.6 bn by the end of 2019, to EGP 98.9 bn by the end of June 2024, with a growth rate of 286.75% and an increase of EGP 73.3 bn.

The significant increase in the customer deposit portfolio was driven by the exponential growth in corporate and microenterprise deposits, which jumped by 338.63%, to EGP 80.1 bn in the first half of 2024, compared to EGP 18.3 bn at the end of 2019, with an increase of EGP 61.8 bn.

The Bank's retail deposits portfolio also rose from EGP 7.3 bn by the end of 2019, to EGP 18.8 bn by the end of June 2024, with a growth rate of 157.32% and an increase of EGP 11.5 bn.

Under the leadership of Ihab ElSewerky, the Bank has significantly enhanced its customer loans, which rose by 233.98% to EGP 44.6 bn by the end of the second quarter of 2024, compared to EGP 13.3 bn in 2019, with an increase of EGP 31.2 bn, thanks to the bank’s extension in digital banking services and products.

ADCB - Egypt's retail loans jumped by 87.27%, with an increase of EGP 4.4 bn, to record EGP 9.5 bn by the end of June 2024, compared to EGP 5.1 bn by the end of 2019.

The Bank's corporate loan portfolio also rose from EGP 13.3 bn by the end of 2019, to EGP 35.1 bn by the end of June 2024, with a growth of 323.45% and an increase of EGP 26.8 bn.

In compliance with the instructions of the Central Bank of Egypt, the administration led by ElSewerky successfully increased the issued and paid up capital to EGP 5.25 bn by the end of the first half of 2024, compared to EGP 1.47 bn in 2019, with a growth rate of 256% and an increase of EGP 3.8 bn, exceeding the required minimum of EGP 5 bn from the Central Bank.

Digital transformation is a central focus of the Bank's strategy, launching many digital solutions that contribute to enhancing financial inclusion and increasing spread, including the Account Opening Service through the mobile app, which facilitates access to banking services for different groups.

It also worked on increasing cash deposit machines, telephone banking, and interactive dialogue on the website based on the use of the latest technology and the most innovative and secure ways to facilitate all banking transactions for customers

The Bank also launched the first instantaneous AI-enhanced anti-fraud system to drive the Bank's immediate control and control fraud on various banking services.

Ihab ElSewerky's efforts resulted in record net profit growth for ADCB Egypt, rising to EGP 2 bn in 2023, compared to EGP 429.3 mn in 2019, with a growth of 377% and an increase of EGP 1.6 bn.

As for its net profit during the current year, it continued its record growth, jumping by 161 .80%, to EGP 2.1 bn in the first half of 2024, compared to EGP 816.8 mn in the same period from 2023, representing an increase of EGP 1.3 bn, marking the fastest quarterly growth in 5 years.

The experience with ADCB-Egypt has won many different international praises. Since entering the Egyptian banking market, it has been awarded with a large number of awards, most notably 3 prestigious awards from Global Business World magazine, " Best Online Banking in Egypt," "The Best New Bank in Egypt" and "Most Innovative Digital Bank" 2023