Abu Dhabi Commercial Bank – Egypt net profit climbs 83% y-o-y in H1
Abu Dhabi Commercial Bank – Egypt (ADCB-Egypt), part of Abu Dhabi Commercial Bank, reported on Sunday an 83 percent year-on-year jump in net profit for the first half of the year.
Net profit grew to 358 million Egyptian pounds ($22.8 million) for the first half of 2021, ended on June 30.
Total assets also rose 22 percent to 41.9 billion pounds at the end of June 2021 up from 34.3 billion pounds at the end of December 2020.
Loans and credit facilities reached 19.8 billion pounds at June-end, 20 percent up from 16.6 billion pounds at December-end. Customers’ deposits rose 20 percent to around 34.9 billion pounds at June-end from 29.1 billion pounds at December-end.
“We are immensely proud of our Bank’s momentum during the first half of the year, registering a solid increase of more than 80% in comparison to figures recorded in the same period last year.” Ihab El Sewerky, CEO and managing director of ADCB-Egypt, said.
“This positive performance is a testament to Egypt’s economic resilience, maintaining its status as a high potential for investment and growth. It also highlights the Bank’s strong strategy and successful expansion policy in emphasising the brand in the Egyptian market.”
Since starting operations in Egypt in September 2020, ADCB’s strategy is based upon catering to its clients’ demands and aspirations while achieving a balanced growth “in terms of activities and business sectors, keeping efficiency and mitigating risks that cope with this growth to ensure sustainable business development.”
ADCB-Egypt also delivered robust results in its corporate and small and medium-sized loans as a result of increased lending activity. SME loans surged to 25 percent and corporate loans rose to 20 percent as of end of June 2021, in comparison to numbers recorded in December 2020.
