Significant decrease in non-performing loans ratio at Ahli United Bank by March-2023end
Wegdan Mohamed
Ahli United Bank - Egypt has managed to significantly reduce non-performing loans ratio during the first quarter of the current year. The rate decreased from 3.6% at the end of 2022 to 2.2% at the end of March 2023, a decrease of 1.4%, after successfully reducing the total value of defaults.
Non-performing loans at Ahli United Bank declined by 34.13%, reaching EGP 1.28 bn at the end of March 2023, compared to EGP 1.95 bn at the end of 2022, a decrease of EGP 663.86 mn.
These remarkable rates come despite the increase in loans to deposits ratio at Ahli United Bank, which reached 73.05% at the end of March 2023, one of the highest rates in the banking sector as a whole. This reflects the management's skill and efficiency in the loan portfolio.
Ahli United Bank - Egypt has achieved strong performance during the current year, with net profits jumping by 277.61% to reach EGP 1.57 bn during the first quarter of 2023, compared to EGP 416.99 mn during the same period in 2022.
Asset portfolio increased by 15.28% to reach EGP 98.6 bn at the end of March 2023, compared to EGP 85.5 bn at the end of 2022, an increase of around EGP 13.1 bn.
The bank's deposits increased by 14.17% to reach EGP 79.7 bn at the end of March 2023, compared to EGP 69.8 bn at the end of 2022, an increase of EGP 9.9 bn.
Total portfolio of customer and bank loans rose by 8.81% as its value increased to EGP 58.2 bn at the end of March 2023, compared to EGP 53.5 bn at the end of 2022, an increase of EGP 4.7 bn.
