ABK-Egypt Achieves Net Profit of EGP 1.7 bn, At FY-2022

 Al Ahli Bank of Kuwait- Egypt (ABK- Egypt), one of the fastest growing banks in the Egyptian market announced achieving outstanding financial performance for the period ending on December31, 2022.

Net Profit doubled to reach EGP 1.7 bn in 2022 compared to EGP 833 mn in 2021.

Net Interest Income reached EGP 2.7 bn, an increase of 29.1% compared to EGP 2.1 bn in December 2021,  Net Profit reached EGP 2.2 bn,  26.3% annual increase, compared to EGP 1.7 bn in previous year.

Total Assets grew by 33.2%, to reach EGP 75.6 bn compared to EGP 56.8 bn in December 2021, while Deposits portfolio increased by 38.2% to reach EGP 66.2 bn compared to EGP 47.9 bn and Total Loans Portfolio increased by 29.95% annually to reach EGP 35.6 bn, compared to EGP 27.4 bn in 2021.

 Ali Marafi, Chairman of ABK-Egypt, expressed his gratitude for the positive results and remarkable growth rates achieved in the financial year 2022 across all financial indicators and all endeavors taken by the Egyptian Government and the Central Bank of Egypt (CBE) .

He also thanked the Board of Directors, shareholders and clients for their constant trust and loyalty.

Moreover, Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “ We  achieved remarkable results in terms of growth and profitability during a very exceptional year with Pre-taxes profits recording , 70%  increase to reach EGP 2.2 bn compared to EGP 1.3 bn in 2021”.

He added: “We also still committed to supporting digital transformation in line with our digital strategy and Financial Inclusion goals”.