ABK-Egypt grows 39.48% on First Bank’s composite growth index during 9M-22

Al Ahli Bank of Kuwait (ABK-Egypt), leading Kuwaiti lender, recorded a composite growth rate of 39.48% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022 according to its separate financial results

This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure during 9M-22.

ABK-Egypy was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profits that recorded a growth rate of 104.8% during 9M-22.

The Bank’s net profit recorded EGP 1.3 billion during the first 9 months of 2022, compared to EGP 616 billion during the same period of 2021.

However, the deposit portfolio seen a growth of 19.4% standing at EGP 57.2 billion at 9M-22, compared to EGP 47.9 billion at the end of 2021 with an increase of EGP9.3 billion.

In addition, the bank's loans and facilities to customers jumped by 18% to record EGP 31.7illion at first 9 months of 2022, compared to EGP 26.8  trillion at the end of December2 2021 with an increase of EGP 4.8 billion.

The assets portfolio jumped by 15.7% to stand at EGP 65.7 billion on 9M-22, compared to EGP 56.8 billion by the end of December 2021 with an increase of EGP 9 billion.