ABK-Egypt among frontrunner banks during 2022, best bank in ROE at 9M-22
Al Ahli Bank of Kuwait-Egypt (ABK Egypt) outperformed many other banks operating in Egypt continuing its sturdy financial performance during 2022 which pushed it be first on First Bank list of top banks in terms of return on equity at 9M-22.
Thus, it recorded ROE of 24.26% during the first 9 months of 2022 rising from the third place on the same list for the first half of the same year.
Such strong performance reflects the bank's capability of investing its shareholders’ equity towards achieving record levels of profitability.
Moreover, ABK-Egypt succeeded to be on the top of First Bank’s list after achieving a leap in its profits that crossed the barrier of EGP 1 billion for the first time on a quarterly level under the leadership of its CEO and Chairman Khaled El Salawy.
Thus, the bank posted a growth in its net profits by 104.8% at 9M-22 to record EGP1.262 billion compared to EGP 616 million during the same period of 2021.
Meanwhile, the bank’s deposit portfolio increased by 19.4%, to record EGP57.2 billion at the third quarter of 2022 compared to EGP 47.9 billion at the end of 2021; an increase of EGP 9.3 billion.
Moreover, the bank's total loans and facilities to customers jumped by about 18%,to record EGP 31.7 billion at the end of September 2022 compared to EGP 26.8 billion at the end of 2022; an increase of EGP 4.8 billion.
Finally, ABK-Egypt also succeeded in achieving a growth in its total assets which jumped by 15.7% to record EGP65.7 billion pounds at 9M-22 compared to EGP 56.8 billion at the end of 2021; an increase of EGP 9 billion.
