Bank ABC Egypt’s business results has shown a remarkable growth in the first quarter (1Q) of 2023, as the bank achieved net profits amounting to EGP 324.3m, a growth of 158% compared to 1Q 2022. The bank’s net activity revenues amounted to EGP 917.3m.
According to a bank statement, the total assets amounted to EGP 68.6bn, while the total portfolio of loans granted to clients and banks amounted to EGP 22bn, and the total customer deposits amounted to EGP 59.8bn.
The bank indicated that the necessary measures are currently being taken to increase the issued and paid-up capital of the bank by EGP 1.3bn, to EGP 5bn instead of EGP 3.7bn.
Amr Tharwat, Managing Director and CEO of Bank ABC Egypt, said: “The business results for the first quarter of 2023, which showed remarkable growth in all performance indicators, are a true reflection of the success of the bank’s strategy, which is centered on three objectives. The first is a strong financial performance through diversifying the bank’s portfolio. The second is to enhance its efforts to expand in the Egyptian market, which in turn provides a variety of promising opportunities to establish a modern bank with a strong international network. The third is to focus on providing the latest digital banking services that suit various segments of customers.
He added: “We are moving steadily towards providing a global banking experience to the Egyptian market with financial expertise and administrative competencies that operate according to the highest quality standards, based on the ambitious vision of Bank ABC Group, the second largest financial group in Bahrain.”
The success of the merger between Bank ABC Egypt and BLOM Bank, at the beginning of this year, is solid evidence of the confidence of shareholders in the Egyptian banking sector, as it contributed to increasing the market share of ABC Bank Egypt threefold, raising the total assets to EGP 67bn. It has also led to better collection services, supported by a larger network of branches and ATMs of the bank to provide more innovative digital services and pioneering payment solutions provided by the Arab Financial Services (AFS), the leading provider of electronic payments outsourcing services in the MENA region.
