Lending balances top Bank ABC's investment trends during H1-2024
First Bank
In the first half of 2024, Bank ABC moved towards granting customer loans the largest percentage of its investment. Banks’ balances ranked second during the first 6 months of this year.
The relative weight of both customer loans and bank balances increased from the bank's total assets, while the relative weight of the portfolio declined marginally during the first half of 2024.
Net customer loans increased to 31.70% of the bank's total assets by the end of June, compared to 30.83% by the end of December 2023
Net customer loans rose by 15.18%, with an increase of 3.25 bn pounds during the first 6 months of 2024, to record EGP 24.64 bn by the end of June 2024 compared to 21.39 bn by the end of December last world
In-house bank balances dominated the second position of ABC’s investment trends for the first time and this came on the account of the portfolio of securities that was second in the first quarter of this year.
The relative weight of banks’ balances increased significantly after weighing about 29.63% of the bank's total assets by the end of June 2024 compared to 23.51% by the end of December 2023, exceeding the relative weight of the portfolio of financial investments by a very slight margin of 0.12%
Banks experienced strong growth in the first six months of this year, after registering Pound 23.03 bn by the end of June, compared to Pound 21.36 bn by the end of 2023, jumping by 41% and an increase of Pound 6.72 bn.
The relative weight of the portfolio decreased slightly to 29.55% of the Bank's total assets by the end of June 2024, compared to 30.79% of its total assets by the end of December 2023.
Central Bank of Egypt balances ranked fourth among the bank's investment trends, accounting for about 6.24% of total bank assets by the end of June 2024, compared to a relative weight of 11.57% of total assets by the end of last year.
Bank ABC experienced outstanding growth rates in its financial indicators during the first half of 2024, with its asset portfolio rising by 12.03%, to EGP 77.71 bn by the end of June 2024, compared to EGP 69.37 bn by the end of 2023, with an increase of EGP 8.34 bn.
The Bank's deposit portfolio rose from EGP 57.77 bn by the end of 2023, to EGP 64.82 bn by the end of the first half of 2024, with a growth of 12.03%
In terms of profitability indicators, the Bank's net profit increased by 52.35%, after registering EGP 1.07 bn in the first half of 2024, compared to EGP 703 mn in the same period from 2023
Net interest income rose to EGP 2.16 bn during the first 6 months of 2024, compared to EGP 1.66 bn during the same period of 2023, growing at 30.60%, and an increase of EGP 507 mn.
