Report: 18 new green shipping corridor initiatives emerged worldwide in last year alone
About 18 new green shipping corridor initiatives emerged worldwide in the last year alone – ...
ADCB Egypt achieves significant growth rate, CSR activities in 2020
The Abu Dhabi Commercial Bank – Egypt (ADCB Egypt) has achieved unprecedented growth rates and engaged in many corporate social responsibility (CSR) activities in 2020 despite the economic challenges posed by the coronavirus pandemic.
The bank’s CSR activities included donating EGP 10 million to Tahya Misr Fund to support those affected by the coronavirus crisis. The bank has also participated in a symposium organized by the Alexandria University under the theme of “promoting skills of graduates to cope with Egyptian labor market”.
The symposium – organized in tandem with business entrepreneurs – tackled the impact of the coronavirus pandemic on the labor market. The bank has also held several forums with the participation of disabled persons as the bank is deeply interested in empowering them, especially financially, and securing their needs via banking services and products. This falls within the framework of the bank’s efforts to realize development and sustainable growth in the Egyptian society.
The rebadging of the bank has largely contributed to enhancing the ADCB Egypt performance in 2020. The bank enjoys strong financial solvency and ranks the third in the UAE, and the fifth among the banks in the Gulf states.
The ADCB Egypt’s net profit rose by 14 percent in 2020.The bank’s assets flourished by 16 percent to stand at EGP 34 billion at the end of 2020. This is part of the bank’s expansion policy in the Egyptian market, especially since rebranding the bank.
Despite the economic slowdown over the coronavirus lockdown in 2020, the deposits of ADCB-Egypt customers hit about EGP 29 billion at the end of 2020, marking a 14 percent uptick. The total loans and facilities offered to customers increased to EGP 17 billion in the same period at a 32 percent rise.
The small businesses funding portfolios and securitized bonds contributed to boosting credit portfolio as corporate funding portfolio ratcheted up by EGP 3.6 billion to register EGP 12 billion at the end of 2020.
The bank aims to proceed with expansion plans in the Egyptian market via realizing a 25 percent growth rate by the end of 2021, thus surpassing the average growth rate in the banking sector standing at 15 to 30 percent.
The bank’s strategy is meant to expand its electronic banking services and products, especially as the Abu Dhabi Commercial Group is distinguished in this score and has won many awards in the field of digital products.
The bank also aims to continue major projects and promising investments to serve national interests, create jobs and contribute to achieve social and economic development.
The bank is also mulling to secure EGP 2 to 3 billion in direct finance and loans to vital sectors in the Egyptian economy, particularly in the fields of industry, contracting, natural gas and petroleum, pharmaceuticals, in addition to the service sector.
It is worth noting that Abu Dhabi Commercial Bank – Egypt has recently signed co-financing contracts for the Arab Company for Projects and Urban Development – a subsidiary of Talaat Mostafa Group – with the participation of other banks, with the aim of financing the establishment and development of the “Celia” project in the New Administrative Capital.
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