Bank ABC’s assets jump by 402.15% since completing integration with BLOM

Bank ABC's integration with Blom Bank significantly strengthened its financial position. Its portfolio of assets jumped by EGP 82.8 bn by the end of September 2024, compared with EGP 16.5 bn by the end of 2022, a growth of 402.15% and an increase of EGP 66.3 bn.

This merger is an important strategic step that has contributed to expanding operations and enhancing the bank's market share in the banking sector, and has provided greater potential for operational efficiency and sustainable growth in the Egyptian market

Bank ABC showed a strong performance during this year reflecting its benefit from the merger process, with the Bank achieving a net profit of EGP 1.592 bn during the first 9 months of 2024 with a growth of 56% compared to the same period in 2023

Total activity revenue increased by 30%, reaching EGP 3.905 bn during the first 9 months of 2024, compared to an estimated EGP 3.003 bn during the same period the previous year, an increase of EGP 902 million.

Net interest income amounted to EGP 3.283 bn during the first 9 months of 2024, compared to EGP 2.573 bn during the same period the previous year, an increase of EGP 710 bn at a growth rate of 28%

Net fees and commissions income also achieved EGP 393 million during the first 9 months of 2024, compared to EGP 326 million during the same period the previous year, an increase of EGP 67 million at a growth rate of 21%.

Total customer loans and facilities rose to EGP 32.1 bn at the end of September 2024, compared to EGP 23.6 bn at the end of 2023, an increase of EGP 8.5 bn at a growth rate of 36%

Total customer deposits jumped to EGP 69 bn by the end of September 2024, compared to an estimated EGP 57.8 bn at the end of 2023, with an increase of EGP 11.2 bn at a growth rate of 19%