ABK - Egypt tops fastest growing Banks in assets after exchange rate neutralization

ABK-Egypt significantly strengthened its financial position in 2024, prompting it to top the "First Bank" list of fastest growing Banks in assets after neutralizing the exchange rate during the first 9 months of last year after achieving a growth rate of 43.77%.

The bank's portfolio of assets rose to EGP 136.86 bn by the end of September 2024, compared to EGP 97.61 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, 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 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.

The bank increased customer loans by 20.78 billion pounds, with its total portfolio of loans and facilities rising by 44.20% during the first 9 months of last year, to 67.78 billion pounds by the end of September 2024, compared to 47 billion pounds by the end of December 2023.

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