ABK - Egypt records fastest quarterly growth in corporate loans during 5 years in 2024
First Bank
ABK-Egypt's separate financial statements revealed a record growth in its corporate loan volume during the first 9 months of 2024. The total portfolio jumped by 54.73% and an increase of EGP 16.59 bn, to register EGP 46.91 bn by the end of September, compared to 30.32 bn by the end of December 2023, the fastest quarterly growth in the last 5 years
The total portfolio also recorded the second fastest quarterly growth rate in the first 9 months of last year at 26.31%, after the portfolio reached about EGP 28.32 bn by the end of September 2023, compared to 22.42 bn by the end of December 2022
Highlighting the growth rates achieved in previous years, the Bank has achieved growth in the size of its enterprise loan portfolio by 14.22% during the first 9 months of 2022, while rising by 9.65% and 7.74% respectively during the same period in 2021 and 2020.
Overall, the Bank achieved outstanding performance during the first 9 months of this year, with net profits jumping by 131%, reaching EGP 5.36 bn, compared to EGP 2.32 bn during the same period in 2023, an increase of EGP 3.04 bn.
Its net interest income rose to EGP 4.67 bn during the first 9 months of this year, compared to EGP 2.86 bn during the same period in 2023, growing by 63.35%, and an increase of EGP 1.81 bn.
Its customer deposit portfolio also jumped at a growth rate of 40.87% and an increase of EGP 33.95 bn during the first 9 months of this year, reaching EGP 117.01 bn by the end of September 2024, compared to 83.06 bn by the end of December 2023
The Bank's total loan portfolio rose by EGP 20.77 bn, with a growth rate of 44.20% during the first 9 months of this year, after registering EGP 67.78 bn by the end of September 2024, compared to 47 bn by the end of December 2023
The bank's assets portfolio jumped by 40.22% and an increase of EGP 39.25 bn during the first 9 months of this year, to record EGP 136.86 bn by the end of September 2024, compared to 97.61 bn by the end of December 2023
