ADCB – Egypt publishes its results at end of H1 – 2022
with Net Profit up by 42%
Abu Dhabi Commercial Bank – Egypt (ADCB – Egypt) announced its financial results at the end of June 2022, seeing a significant increase of its net profit by 42% on a year-on-year basis, reaching 507 MEGP. The Net Interest Income reached 1.153 billion pounds at the end June 2022, has increased by 43% compared to the end of 2021, and the Net Operating Income rose to 1.396 billion pounds, up by 49% on the same comparison basis. The bank continued to show strong performance indicators demonstrating the pertinence of its growth and development strategy whereby ADCB Egypt has been listed among the fastest growing banks in Egypt since its rebranding at the end of 2020.
This significant increase was supported by a balanced growth on the level of all activities and business sectors that worked to fulfill customers need and support the economy. Accordingly, the customer deposit portfolio reached EGP 57.1 billion at the end of June 2022, up by 39% compared to end of December 2021, while the loans portfolio reached EGP 27.2 billion, with a growth of 22% compared to the end of December 2021.
The total assets portfolio reached 65 billion pounds at the end of June 2022, compared to 48 billion pounds at the end of December 2021, with a growth rate of 25%. The Return on Equity reached 15.6%. In order to continue the bank’s expansion plan, the bank maintained its capital adequacy ratio at 19.39% at the end of June 2022, exceeding the stipulated regulatory requirement. The bank was able to maintain its efficiency and risk ratios in line with this growth momentum while keeping the quality and diversity of its portfolio; therefore, the rate of non-performing loans decreased to 3.6%.
Ihab ElSewerky, Managing Director and CEO of the bank, said: “we are satisfied with the bank’s performance and achieving those record growth rates, which reflect the hard work and commitment to implementing the bank’s five-year development plan to anchor the Group’s brand in Egypt, increase our market share and expand the business while maintaining a cautious approach regarding the level of risk. We are also committed to supporting the economy and meeting customers’ needs while promoting digital transformation to achieve customers’ satisfaction. As a result of the bank’s performance, ADCB – Egypt has won several prestigious awards since the beginning of the year, attesting that the bank is at the forefront of the fastest growing banks in Egypt and also conforming the distinction of our digital services.”
In terms of digital services, the bank is witnessing a significant increase of the number of registered customers, exceeding 180 % at the end of June 2022, compared to the same period last year. The bank is currently updating the bank’s core banking system and continues to work on launching new digital services to further customers’ convenience and support the financial inclusion efforts. ADCB – Egypt had recently received a number of prestigious awards, including the “Most Innovative New Digital Bank” award from the “International Finance” Foundation, “Best Bank that Provides Digital Services” and “Best Mobile Banking Application and Internet Banking Service” from “International Business” magazine.
With regard to the support community healthcare, ADCB – Egypt has granted a donation to the “Nile of Hope” hospital for treating children’s deformities, and continued to support “Ahl Masr” Hospital through a tripartite protocol since the previous year. The bank also provided support to the “Egyptian Food Bank” for the benefit of the neediest families. In appreciation to the woman’s role, the bank launched a campaign to encourage customers to use cards to direct a percentage of cash back to support “Baheya Foundation”.