{"id":325503,"date":"2022-05-23T15:43:36","date_gmt":"2022-05-23T15:43:36","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325503"},"modified":"2022-05-23T15:43:36","modified_gmt":"2022-05-23T15:43:36","slug":"adcb-egypt-sees-sturdy-jump-in-net-profits-of-68-in-1q-2022","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/05\/23\/adcb-egypt-sees-sturdy-jump-in-net-profits-of-68-in-1q-2022\/","title":{"rendered":"ADCB \u2013 Egypt sees sturdy jump in net profits of 68% in 1Q 2022"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">The Abu Dhabi Commercial Bank \u2013 Egypt (ADCB) has announced its business results for the first quarter (1Q) of the current year 2022, as net profits rose by 68% on an annual basis to reach EGP 286m. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The bank has recorded strong performance indicators in all sectors, reflecting the success of business management and the bank\u2019s plans for growth and development, which resulted in a 45% leap in the bank\u2019s results in 2021 which pushed ADCB to be on top of the lists of the fastest growing banks in Egypt.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">This increase came as a result of a balanced growth on the level of all activities and business sectors that worked to meet the customers\u2019 needs.\u00a0<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The net income from the return amounted to EGP 514m in March 2022, an increase of 39% compared to the end of 2021, and the net operating profits rose to 641m, an increase of 49%. The total loans and credit facilities for customers also increased to EGP 25.7bn in 1Q 2022, with a growth rate of 15% compared to the end of December 2021, and the bank\u2019s customers deposits portfolio increased by 8% to record about EGP 44.7bn in March 2022 compared to December 2021. The loan-to-deposit ratio is 54% in March 2022.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The ADCB also achieved an increase in total assets with a growth rate of 8.8%, to reach EGP 53bn in March 2022, compared to EGP 48bn in December 2021. The rate of return on equity reached 17.7%. In order to continue the bank\u2019s expansion plan, the bank maintained the capital adequacy ratio at 20.63% in March 2022, exceeding the established regulatory limit.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Ihab ElSewerky, Managing Director and CEO of the bank, said: \u201cThe bank has been able to achieve tangible progress in implementing its five-year strategy to enhance the brand and increase the market share while continuing to maintain the level of risks.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">We are committed to supporting the economy, meeting the needs of all customer segments, and working to accelerate the digital transformation that enhances our commitment to providing the best banking services and improving efficiency levels to achieve customer satisfaction. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">As a result of the bank\u2019s outstanding performance, it has earned several prestigious awards since the beginning of the year, attesting that the bank is at the forefront of the lists of the fastest growing in Egypt. \u201c<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Believing in the bank\u2019s role in supporting companies and paying attention to medium and small enterprises, which represents one of the important links to drive growth and also receives the attention of the Central Bank of Egypt, the ADCB has achieved a significant increase in the corporate loan portfolio driven by the increase in financing activity, where the rate of increase in small and medium enterprise loans reached 6.8%. The large corporate loan portfolio increased by 22.8% in March 2022 and compared to December 2021.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">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, and the non-performing loans rate stabilized at the 4% barrier since the beginning of the year. And the cost-to-income ratio decreased to 35% despite continuing to invest in technological infrastructure and human resources to provide the highest level of services to ensure customer comfort and satisfaction.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">In terms of digital services, the bank has launched the updated version of the internet and mobile banking services. The bank is witnessing a significant increase in the percentage of digital payments, amounting to 67%, compared to the first quarter of 2021, and contactless payments through ATMs witnessed an increase of 115%, and the number of users recorded an increase of 225% over the same period last year. The bank continues to launch a package of digital products soon.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Committed to playing an effective role for community development, the bank has continued to support Ahl Masr Hospital through a tripartite protocol since last year. In appreciation of the role of women, the bank launched a campaign to encourage customers to use cards to direct a percentage of cash back to support Baheya Foundation during March.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Abu Dhabi Commercial Bank Egypt had received a number of prestigious awards at the beginning of the year from the \u201cWorld Business Outlook\u201d institution, which are: \u201cBest New Bank\u201d and \u201cFastest Growing Bank\u201d as well as \u201cThe Fastest Growing Bank in both the retail banking and corporate banking sectors.\u201d This coronation comes after a year full of achievements, which reflects the success of the bank\u2019s strategy and efficiency in achieving tremendous growth in record time. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Abu Dhabi Commercial Bank \u2013 Egypt (ADCB) has announced its business results for the first quarter (1Q) of the current year 2022, as net profits rose by 68% on an annual basis to reach EGP 286m.<\/p>\n","protected":false},"author":4,"featured_media":321408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[204],"class_list":["post-325503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-abu-dhabi-commercial-bank-adcb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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