ADCB-Egypt’s net profits jump by 157%, recording EGP 3.36 bn during 9M- 2024
Yasmine El sayed
The financial statement of Abu Dhabi Commercial Bank - Egypt, ending on September 30, 2024, revealed an increase in the bank’s net profit, with a growth rate of 157.05%, to record EGP 3.36 bn during the first 9 Months of 2024, compared to EGP 1.307 bn during the same period of 2023, an increase of EGP 2.053 bn.
The bank's profits before taxes jumped to EGP 4.899 bn during the first 9 months of 2024, compared to EGP 2.177 bn during the same period in 2023, a growth rate of 125.03%, and an increase of EGP 2.722 bn.
Net interest income increased by about 88.35%, reaching EGP 6.044 bn in the first 9 months of 2024, compared to EGP 3.209 bn in the same period of 2023, an increase of EGP 2.835 bn.
Net fees and commissions income rose to EGP 805.88 mn during the first 9 months of 2024, compared to EGP 469.797 mn during the same period in 2023, a growth rate of 71.54%, and an increase of EGP 336.083 mn.
Regarding the bank's financial position, the assets portfolio increased by 40.71% in the first 9 months of the current year, to record EGP 137.99 bn by the end of September 2024, compared to EGP 98.064 bn by 2023, to reach EGP 39.926 bn.
ADCB's customer deposit portfolio jumped from EGP 86.635 bn at the end of 2023, to EGP 118.753 bn at the end of September 2024, a growth rate of 37.07%, and an increase of EGP 32.118 bn.
The bank's total loans to customers jumped by about 20.63% in the first 9 months of 2024, reaching 45.585 billion pounds at the end of September 2024, compared to 37.79 billion pounds at the end of 2023.
