ADCB Egypt Achieves Net Profit Of EGP 2.138Bn In H1 2024
Date
8/31/2024 2:20:43 PM
(MENAFN- Daily News Egypt) ADCB Egypt announced its financial results for the first half of 2024, reporting a remarkable 162% increase in net profits at EGP 2.138bn compared to the same period last year. This growth was accompanied by a 17% rise in total assets, reaching EGP 115bn. The bank's loan portfolios and financing grew to EGP 43.4bn, while deposits climbed to EGP 98.9bn, representing 21% and 14% growth, respectively. Additionally, the investment portfolio increased by 18% to EGP 57.1bn. The return on average equity grew by 71% to 41%, and the return on average assets rose by 105% to 4.1%.
These impressive results reflect the bank's exceptional performance across all levels, successfully implementing its growth strategy, increasing market share, and excelling in customer service. The bank has also contributed to the economy and applied best practices in corporate governance and sustainability frameworks.
Notably, The Digital Banker awarded ADCB Egypt five prestigious accolades: Best Product & Services for High-Net-Worth Individuals, Best Financial Inclusion Initiative, Best Corporate Social Responsibility Initiative, and Excellence in Digital Innovation.
Ihab El Sewerky
Ihab El Sewerky, CEO and Managing Director of ADCB Egypt, stated:“These results and awards are a testament to the bank's performance and the efforts of our team across all sectors. Since our brand launch in 2020, we have achieved growth and excellence as the Best New Bank. We have excelled in services, products, and digital innovation to meet our clients' needs while adhering to the highest standards of corporate governance and sustainability. These achievements demonstrate the strength of our strategy, focusing on customer satisfaction as a key driver of growth, offering a high-quality banking experience based on the model of ADCB Group in the UAE.”
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