ABK-Egypt tops the Fastest Growing Banks in Customer Loans After Exchange Rate Neutralization

ABK-Egypt achieved strong growth in its portfolio of customer loans, pushing it to the top of First Bank's list of fastest growing banks in customer loans after the exchange rate neutralization in the first 9 months of 2024, with a growth rate of 39.43%.

The bank's total portfolio of loans and facilities rose to EGP 67.78 bn by the end of September 2024, compared to EGP 47 bn by the end of December 2023.

Overall, ABK-Egypt achieved a strong performance over the past year, jumping its net profit by 131%, reaching 5.4 billion pounds in the first 9 months of 2024, compared with 2.3 billion pounds in the same period from 2023, with an increase beyond the 3 billion pounds barrier, marking the fastest quarterly growth in 8 years, and its largest ever increase in value.

Net interest income rose to 4.7 billion pounds in the first 9 months of 2024, compared to 2.9 billion pounds in the same period from 2023, a growth of 63.4% and an increase of 1.8 billion pounds.

Net income from fees and commissions rose from Pound838.4 million in the first 9 months of 2023 to Pound1.2 billion in the same period from 2024, with a growth rate of 43.8% and an increase of Pound367.2 million.

The Bank's portfolio of assets rose by 40.22% and an increase of 39.25 billion pounds over the first 9 months of last year, registering 136.86 billion pounds by the end of September 2024, compared to 97.61 billion pounds by the end of December 2023.

The bank was able to increase its portfolio by 33.95 billion pounds, with a growth rate of 40.87% during the first 9 months of last year, to register 117.01 billion pounds by the end of September 2024, compared to 83.06 billion pounds by the end of December 2023.