Lending balances top ADCB’s investment trends during the first 9M of 2024

During the first 9 months of 2024, Abu Dhabi Commercial Bank-Egypt moved towards granting customers loans the largest percentage of its investment trends, while banks’ balances came second for the first time over the portfolio of financial investments by the end of September 2024

The relative weight of net customer loans declined to 32% of the bank's total assets by the end of September, compared to a relative weight of 37% of total assets by the end of 2023.

Nevertheless, the portfolio rose by EGP 7.65 bn, with a growth rate of 21% during the first 9 months of 2024, to register EGP 43.59 bn by the end of September 2024 compared to 35.9 bn by the end of December last year.

The relative weight of banks’ balance jumped to second place in the Bank investment trends during the first 9 months of 2024, accounting for about 30.4% of the bank's total assets, compared to 16.82% of its total assets by the end of last year.

Banks’ balances saw unprecedented growth after rising to EGP 41.94 bn by the end of September 2024, compared to EGP 16.50 bn by the end of December 2023, jumping by 154% and an increase of more than EGP 25 bn.

The portfolio of financial investments came in third place as part of the Bank's investment trends to gain a relative weight of 25.90% of the Bank's total assets by the end of September 2024 compared to 32% by the end of December 2023.

Despite the decline in its share, it achieved growth of 12.3% during the first 9 months of this year, reaching EGP 35.74 bn by the end of last September for EGP 31.83 bn by the end of 2023

Central Bank balances were ranked fourth among the Bank's investment trends, accounting for about 9% of the Bank's total assets by the end of September 2024, and recording a value of EGP 12.59 bn during the same period.

ADCB experienced strong growth in its financial trends during the first 9 months of 2024, with the Bank's net profit growing by 157% to EGP 3.36 bn during the first 9 months of 2024, compared to EGP 1.31 bn during the same period in 2023.

Net interest income jumped by 88.35%, to EGP 6.04 bn in the first 9 months of 2024, compared to EGP 3.21 bn in the same period of 2023, with an increase of EGP 2.84 bn.

Its customer deposit portfolio also rose by 37% and an increase of EGP 32.12 bn to EGP 118.75 bn by the end of September 2024, compared to 86.64 bn by the end of last year.

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