Abu Dhabi Commercial Bank-Egypt achieves 14% net profit growth in 2020

Abu Dhabi Commercial Bank (ADCB)- Egypt, part of Abu Dhabi Commercial Bank, has reported a 14 percent growth in its net profits at the end of 2020.

It added that it had achieved unprecedented growth in its business results indicators during the year in the Egyptian market.

The bank added that its rebranding contributed greatly to its performance during the year.

Thus, the group enjoys strong financial solvency and ranks third among banks working in the UAE market, and fifth in the Gulf Cooperation Council (GCC) countries.

ADCB Egypt also added that its total assets increased by 16 percent to 34 billion Egyptian pounds ($2.16 billion) by the end of December 2020. The growth coincides with the bank’s expansion policy in the Egyptian market, which it has pursued since the change of trademark in September.

The customer deposits portfolio recorded about 29 billion pounds by the end of 2020, up by 14 percent, and total loans and facilities to customers increased to 17 billion pounds in the same period, reflecting growth of 32 percent.

This came despite the slowdown in economic activity affected by the closures and other precautionary measures that were put in place by the Egyptian Government, as part of efforts to curb the pandemic’s spread.

According to the bank, the portfolio of corporate and small enterprises financing and securitisation bonds contributed to the growth of its total credit portfolio. Corporate financing increased by 3.6 billion pounds to 12 billion pounds at the end of 2020.