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ADCB Egypt mulls EGP 2-3bn loans

ADCB Egypt mulls EGP 2-3bn loans
Assets rose by 16% YoY to EGP 34 billion by the end of last year

Cairo – Mubasher: Abu Dhabi Commercial Bank - Egypt (ADCB Egypt) is currently considering to inject from EGP 2 billion to EGP 3 billion in new financing to vital sectors in the Egyptian market such as manufacturing, construction, oil and gas, pharmaceuticals, and services.

The bank aims to continue to finance major projects and economically-feasible investments that help in driving economic growth, creating jobs, and achieving economic and community development, according to a statement on Wednesday.

Total loans and credit facilities provided by the bank increased by 32% year-on-year (YoY) to EGP 17 billion at the end of 2020 despite the economic downturn resulted from the restrictions imposed to curb the coronavirus (COVID-19) pandemic.

Moreover, assets rose by 16% YoY to EGP 34 billion by the end of last year in line with the bank’s expansion strategy adopted since its rebranding in September 2020.  

The customer deposits portfolio registered EGP 29 billion at the end of 2020, rising by 14% from a year earlier.

The bank aims to further expand in the Egyptian market to achieve a growth rate of 25% by the end of 2021, above the estimated average growth rate of the Egyptian banking sector at 15-20%.

By the end of 2020, the bank reported a 14% rise in its net profits thanks to its rebranding which affected positively its performance during the year.