Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank

Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank

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