ADIB Egypt reports $76.3mln in net profit during 2020

ADIB Egypt reports $76.3mln in net profit during 2020

The bank's most prominent financial indicators also revealed total revenues growth of 1.3%, reaching EGP 3,786bn. Total assets increased by 22.5% to reach EGP 73.9bn in 2020, compared to EGP 60.3bn in 2019. The bank succeeded in attracting new deposits, as its balance of deposits increased by 22.5% to reach EGP 62.7bn. Net financing increased by 30% reaching EGP 40.2bn in December 2020. The rise in the net finance portfolio is due to both a growth of 29.7% in corporate finance to reach EGP 28.7bn, as well as a 30.7% rise in retail banking to reach EGP 11.5 bn. The rise in deposits was driven by the growth of corporate deposits by about 26%, or EGP 23.3bn, and the increase of individual deposits portfolio by about 20% to reach EGP 39.3bn. The treasury unit also achieved growth in liquidity surplus management, with the assets under management portfolio increasing by EGP 3.8bn, or 17.7%, to reach EGP 25.3bn in 2020.On the other hand, net profit from fees and commissions recorded an increase of EGP 49m, or 12%, compared to the previous year, reaching EGP 452m by the end of 2020. Meanwhile, forex revenues decreased by EGP 37.8m or 17% from the previous year to