ADCB-Egypt Q1 net profit surges 68%
Abu Dhabi Commercial Bank (ADCB-Egypt) announced on Thursday its net profit increased by 68 percent for the first quarter of 2022. The net profit reached 286 million pounds (15,651,000$) at the end of last March.
The bank has witnessed strong performance during the first quarter, reflecting its success in managing its plans for development and growth. This has pushed ADCB-Egypt to be on top of the list of the fastest growing banks in Egypt, ADCB said in a statement.
The net interest income amounted to 514 million pounds at the end of March 2022, marking an increase of 39 percent compared to the end of 2021. Net operating profit grew 49 percent to 641 million pounds.
Total loans and facilities rose 15 percent to 25.7 billion pounds at the end of the first quarter of the year compared to the end of December 2021.
The bank’s customer deposits portfolio surged 8 percent to around 44.7 billion pounds at the end of March 2022 compared to the end of December 2021. The loan-to-deposit ratio recorded 54 percent at the end of March 2022.
Total assets also inched up by 8.8 percent to 53 billion pounds at the end of March 2022, compared to 48 billion pounds at the end of December 2021.
The rate of return on equity hits 17.7 percent. Seeking to continue its expansion plan, the bank maintained its capital adequacy ratio at 20.63 percent at the end of March 2022.
The bank was able to maintain efficiency and risk ratios in line with this growth and achieve business sustainability, as the bank succeeded in maintaining the quality and diversity of the portfolio. While, the non-performing loans rate stabilised at the 4 percent limit since the beginning of 2022.
Ihab El Sewerky, managing director and CEO of ADCB Egypt, said the bank is witnessing a significant increase in the proportion of digital payments, amounting to 67 percent, compared to the first quarter of 2021. Also, the contactless payments through ATMs witnessed an increase of 115 percent, and the number of users recorded an increase of 225 percent over the same period last year. The bank continues to launch a package of electronic products soon.
