Egypt showcases ambition, heritage at National Day Celebration in Expo Osaka    EGP inches lower against USD at Wednesday's close    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ADCB - Egypt achieves 48% growth in profits before tax in Q3 2021
Bank continues to successfully implement its expansion plans, develop digital services, says El-Sewerky
Published in Daily News Egypt on 06 - 11 - 2021

The profits of Abu Dhabi Commercial Bank (ADCB) – Egypt, before tax, increased by 48% year-on-year to EGP 924m at the end of September 2021, while net profits amounted to EGP 379m, an increase of 2.6%.
ADCB Egypt's customer deposits portfolio registered EGP 40.1bn at the end of September 2021, rising by 37.9%.
Moreover, the total value of loans and lending facilities offered to ADCB's customers increased to EGP 20.1bn during the same period, reflecting 20.4% growth.
Ihab El-Sewerky, Managing Director and CEO of the bank said: "We are proud of the success and achievements made during the first year of launching the bank with its new brand in Egypt, despite the challenges, which have only motivated us to speed up the implementation of our five-year strategy, with the aim of the most preferred bank among customers."
"The bank was able to achieve strong growth and proceed at a steady pace, which was reflected in the financial performance indicators throughout the year. The bank managed to become the fastest growing in terms of digital transformation, which reinforces the commitment to providing the best banking services. We have digitised many of our transactions in record time, which was welcomed by our customers, as the number of digital services users increased 320%, and digital transactions increased by 50%.
He continued: "We look forward to further growth and development in all the services of the bank to continue its expansion plans and broaden the customer base, while achieving sustainable value and community service, in line with Egypt's vision and the directives of the Central Bank of Egypt."
The bank's financial indicators showed an outstanding performance in general, as the rate of return on equity (RoE) reached 11%, after increasing the bank's issued and paid-up capital from EGP 1.474bn to EGP 5bn, an increase of EGP 3.526bn. The net income from revenue increased by 40.8%, while the net income from fees and commissions increased by 85.8% at the end of the third quarter compared to a year earlier.
The bank was keen on achieving efficiency and control expenses, which led to a decrease in cost to income by 4%, despite the interest in investing in strengthening the technological infrastructure and keeping pace with the growth plan.
The bank's clients increased by 10%. ADCB- Egypt reduced the non-performing loan ratio to 4% while maintaining the quality and diversity of the loan portfolio.
The bank's capital adequacy ratio reached 24.7%, exceeding the established supervisory limit, and allowing the bank to continue with its ambitious expansion plan.
In the same context, the major corporate finance sector at ADCB – Egypt is working to attract new customers in multiple sectors, in addition to supporting existing customers in their daily transactions and developing their business, in line with the bank's expansion strategy.
According to the bank's indicators, the large corporate loan portfolio increased by 20% at the end of September 2021 compared to the end of December 2020, and the bank also achieved a 41% increase in the small and medium enterprise loan portfolio.
ADCB – Egypt is working on expanding in the field of retail banking, by achieving leadership in the field of digital banking services and products, which the Emirati group is distinguished for regionally. The size of the retail banking portfolio for individuals amounted to about EGP 7.4bn at the end of September 2021, compared to EGP 6.2bn at the end of December 2020.


Clic here to read the story from its source.