Bank ABC Announces Strong Financial Results for 2024, Reflecting Continued Growth and Market Expansion
In the first year following its merger, Bank ABC has reported an impressive 58% increase in net profit, exceeding EGP 2 Billion
The bank continues its upward trajectory with robust performance indicators at the close of 2024, remaining steadfast in its strategy for expansion within the Egyptian market
Key Financial Highlights for 2024:
Net Profit: EGP 2,065 Million for the fiscal year ending December 31, 2024, representing a growth of 58% compared to EGP 1,306 Million in 2023, marking an increase of EGP 759 Million.
Total Revenues: EGP 5,323 Million as of December 31, 2024, compared to EGP 4,052 Million in 2023, a growth rate of 31%.
Net Interest Income: EGP 4,488 Million, up 28% from EGP 3,520 million in 2023.
Total Assets: EGP 83.3 Billion, reflecting a 20% increase from EGP 69.4 Billion in 2023.
Gross Loans and Facilities: EGP 33.3 Billion, a 41% increase from EGP 23.6 Billion in 2023.
Total Deposits: EGP 69.2 Billion, up by 20% from EGP 57.8 Billion in 2023.
Net Income from Fees and Commissions: EGP 535 Million, a 30% increase from EGP 413 Million in 2023.
In this regards Amr Tharwat Abu El Ela, Managing Director and CEO of Bank ABC, commented, “2024 marks a pivotal year for Bank ABC following the full merger. The year-end results affirm our steady progress towards offering a global banking experience in the Egyptian market and realizing Bank ABC Group’s ambitious vision to expand in Egypt. The bank’s strong performance reflects the success of our strategy, which is focused on achieving solid financial results through portfolio diversification and expansion. Our commitment to providing world-class banking services is backed by the robust financial performance of our Group and its leadership in digital transformation. We are proud to be part of a network that spans over 15 countries and continues to strengthen its position globally.”
Tharwat further emphasized, “Customer service remains a cornerstone of Bank ABC’s strategy. Throughout 2024, we have diversified our offerings to meet the varied needs of our clients, both individuals and businesses. Additionally, we have enhanced our digital services, providing clients with a seamless banking experience through the latest technological advancements. As we build on the solid foundation established in 2024, we remain committed to delivering the best for our clients, looking forward to another successful year in 2025 and continuing our growth journey in the Egyptian market.”
Bank ABC Wholesale Banking has witnessed a substantial increase in its consolidated lending portfolio, which has doubled, and has actively participated in several syndication loans and financing operations across key sectors, including construction, infrastructure, chemicals, information technology, and education. The bank has also played a significant role in the telecommunications and industrial sectors and has become a key player in Egypt’s financial insurance market. The bank continues to focus on financing small and medium enterprises (SMEs), recognizing their crucial role in driving national economic growth.
Moreover In Retail Banking, Bank ABC introduced several innovative products, such as the “Day by Day” savings account, which offers daily interest calculations at competitive rates of up to 21.50%. Additionally, the bank launched Egypt’s first metal credit card, "Infinite," offering unique benefits to cardholders both locally and internationally. The bank has also enhanced its mobile App to streamline customer communication and improve service delivery while expanding and modernizing its branch and ATM networks.