Ahli United Bank Tops Egyptian Banks in Net Profit Growth during Q1-2023

Ahli United Bank - Egypt has achieved a record growth in its net profits during the current year, propelling it to the top of the First Bank list for banks with the fastest net profit growth during the first quarter of 2023.

Ahli United Bank managed to increase its net profits to EGP1.57 bn during the first quarter of 2023, compared to EGP416.99 mn during the same period in 2022, with a growth rate of 277.61% and an increase of EGP1.16 bn.

As for the bank's pre-income taxes profits, they increased by a growth rate of 281.19%, reaching EGP1.827 bn during the first quarter of 2023, compared to EGP479.2 mn during the first quarter of 2022, with an increase of EGP1.348 bn.

The bank's strong performance in terms of profits was supported by the significant growth achieved in net fees and commissions income, which increased by 199.92% to reach EGP252.01 mn during the first quarter of 2023, compared to EGP84.03 mn during the same period in 2022, with an increase of EGP167.98 mn.

Net interest income also increased to EGP 1.06 bn during the first 3 months of 2023, compared to EGP557.19 mn during the same period in 2022, with a growth rate of 90.69% and an increase of EGP505.32 mn.

Ahli United Bank - Egypt achieved a strong performance during the current year, with its asset portfolio increasing by 15.28% to reach EGP98.56 bn at the end of March 2023, compared to EGP85.49 bn at the end of 2022, with an increase of EGP13.06 bn.

Additionally, the bank's customer deposits portfolio rose by 14.17% after the bank managed to increase its deposits by EGP9.88 bn, reaching EGP79.68 bn at the end of March 2023, compared to EGP69.8 bn at the end of 2022.

Total portfolio of loans and facilities to customers and banks increased by 8.81% and by an additional EGP4.7 bn, reaching EGP58.2 bn at the end of March 2023, compared to EGP 53.5 bn at the end of 2022.