How Bank ABC figures changed after Blom's acquisition

After Bank ABC's acquisition of Blom Egypt, the bank witnessed a remarkable shift in its performance. Benefiting from the enhancement of its position in the Egyptian banking market, after the acquisition contributed to the collection of the best banking services supported by a larger network of branches and ATMs, which expanded the bank's customer base, the number of bank branches increased from 27 to 61. ATMs increased from 83 to 124 after the acquisition

This acquisition reflected positively on the Bank's financial performance indicators, as it witnessed a marked development in the volume of assets and deposits portfolios and the expansion of the loan portfolio over the last 15 months, reflecting its ambitious strategy to strengthen its position as a key player in the Egyptian banking sector.

Asset portfolio

In terms of the size of the Bank's asset portfolio, it saw a remarkable rise, after registering growth of 13.24% and an increase of EGP 9.10 bn over the last 15 months, reaching EGP 77.71 bn by the end of June 2024, compared to 68.63 bn by the end of March 2023

The growth in the asset portfolio was underpinned by the expansion of the Bank's various businesses and investments, enabling the Bank to diversify its assets by focusing on promising sectors and thoughtful investments, thus enhancing the stability of its financial portfolio

Loan portfolio

The total portfolio of customers' loans in the Bank has also undergone a significant development, having risen by 22.93% during the period under analysis, to about EGP 26.64 bn by the end of June 2024, compared to 21.67 bn by the end of March 2023

This is due to the Bank's focus on expanding the provision of loans to large corporates, especially the injection of more direct loans to corporates, as well as the introduction of a number of flexible financing programs to suit different customer needs.

Deposit portfolio

At the deposit level, the bank benefited from an increase in the confidence of its customers after the acquisition, reflected in a rise in the volume of its deposits at a growth rate of 8.34% and an increase of about EGP 5 bn over the last 15 months, reaching EGP 64.83 bn by the end of June 2024, compared to 59.83 bn by the end of March 2023

The increase in the Bank's total customer deposit portfolio is due to the fact that it has provided a variety of savings products to attract more customers, as supported by distinctive marketing policies and innovative programs, which have contributed to strengthening the customer base.

Net profits

In terms of net profits, Bank ABC Egypt earned a net profit of EGP 1.07 bn in the first half of 2024, compared to 702.55 mn in the first half of 2023, with a growth rate of 52.50% and an increase of 369 mn, reflecting the bank's strong performance and successful business management strategy.

Overall, Bank ABC Egypt's performance reflects its success in adopting thoughtful expansion strategies during the period under analysis, enhancing its ability to meet the challenges and enhancing the Bank's growth prospects better in the future.

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