Listen to this article14% net profit growth by 2020-end… 32% hike at credit portfolio despite Covid-19 crisis
ADCB-Egypt’s total assets surged to EGP34bn by December with 16% increase compared to a previous period
ADCB- Egypt reported unprecedented growth indicators during 2020, in spite of the economic challenges brought by the novel Covid-19 outbreak, which directly led to economic slowdown either locally or internationally.
Besides, rebranding the corporate identity of ADCB- Egypt was of a huge positive impact on its performance during the year. In this regard, ADCB Group sustains a solid solvency position, as it is ranked as the third biggest bank in the UAE and the fifth biggest entity in the Gulf Cooperation Council countries. Hence, this enabled ADCB- Egypt to maximize its profits, posting a 14% net profit hike by the end of 2020.
ADCB- Egypt also posted a 16% increase in its total assets, which surged to EGP 34billion by the end of December 2020. This outcome coincides with the bank’s expansion policy in the Egyptian market, which has been adopted since its rebranding process, which was launched in September of the same year.
ADCB Egypt’s customer deposits portfolio registered EGP 29 billion at the end of 2020, rising by 14%. Moreover, the total value of loans and lending facilities offered to ADCB’s customers increased to EGP 17bn during the same period, reflecting 32% growth in spite of the economic slowdown caused by the pandemic lockdown period for eliminating the rise of COVID-19 infection rates during 2020.
ADCB’s corporate financing, commercial financing, and securitization portfolios have contributed to the credit portfolio’s growth, as the business loans surged by EGP 3.6billion to EGP12billion.
The bank pursues ongoing expansion in the Egyptian market by targeting up to a 25% growth rate by the end of 2021, so as to exceed the banking sector’s current average growth rates ranging from 15 to 20%.
As for ADCB-Egypt’s strategy, it mainly focuses on expanding the provision of digital banking services and products. ADCB Group is chiefly renowned for its award-winning digital banking services and products as well as its outstanding customer experience, as it offers a variety of state- of- the art banking services, namely internet banking and digital wallet.
Moreover, ADCB targets to further finance megaprojects and investments of high economic returns, which will favorably contribute to promoting the national economy, providing job opportunities, and achieving economic and social development.
The bank mulls various finance programs, including direct finances and syndicated loans at values ranging from EGP 2bn to EGP 3bn for projects operating at vitally economic sectors, most notably are manufacturing, contracting, oil &gas, pharmaceuticals, as well as service sector.
It is noteworthy that ADBC recently signed syndicated loan agreements with the Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group (TMG). ADCB joined a banking alliance to finance the construction and development of TMG’s Celia project in the New Administrative Capital.
With respect to the bank’s corporate social responsibility activities in 2020, ADCB- Egypt took part in several relevant events, in top of which is participating in a symposium organized by the University Center For Career Development (UCCD) at the Faculty of Commerce, Alexandria University.
Entitled “Graduates’ required employability skills in the Egyptian market”, the event hosted business owners and entrepreneurs in Alexandria governorate to address the repercussions of Coronavirus on the status of the labor market and the transformations in the recruitment process of university graduates.
ADCB also held several events for the people with disabilities, as the bank always shows a prime focus on financially empowering and integrating them in the banking sector through providing access to tailored banking services and products that suit their demands, which falls within the scope of the bank’s efforts to achieve sustainable development and growth in the Egyptian society. Additionally, the bank also contributed EGP10million to Tahya Misr Fund in support of the people who are most affected by COVID-19.
This is part of the bank’s efforts to achieve sustainable development and growth in the Egyptian society, in addition to donating EGP 10m to the Tahya Misr (Long live Egypt) fund for those affected by the coronavirus crisis.
About Abu Dhabi Commercial Bank (ADCB)
ADCB is a remarkably prominent banking group. ADCB is ranked as the third biggest bank in the UAE and the fifth biggest entity in the Gulf Cooperation Council countries.
ADCB offers a variety of award-winning fully-fledged modern banking services and activities, which are tailored to fulfill all of its customers’ demands, including personal, corporate banking, and commercial business banking services. This is in addition to investment and mortgage services.
ABDCB’s credit ratings are of A and A+ by Standard & Poor’s and Fitch respectively, with stable outlooks. In 2019, ADCB was named the Middle East’s Best Bank for SMEs by the Euromoney magazine. The bank was also awarded as the Best Trade Finance Provider, which is Global Finance’s World’s Best Digital Bank Award category.
