Ahli United Bank: Most Focused Bank on Customer Loans Investment by March-2023 end
First Bank
Ahli United Bank - Egypt, topped the list of the most focused banks on customer loans investment by the end of March last year, with a concentration of 55.12% of the bank's assets in the net customer loan portfolio by the same period.
The bank's total assets increased by 15.28%, reaching a value of EGP 98.6 bn by the end of March 2023, compared to EGP 85.5 bn by the end of 2022, representing an increase of EGP 13.1 bn.
Net loans of Ahli United bank to customers and banks rose to EGP 54.32 bn by the end of the first quarter of the current year, compared to EGP 48.37 bn by the end of 2022, with a growth rate of 12.31%, and an increase of EGP 5.96 bn.
In general, the bank achieved strong performance during the current year, as its net profits jumped to EGP 1.57 bn during the first quarter of 2023, compared to EGP 416.99 mn during the same period in 2022, with a growth rate of 277.61%, and an increase of EGP 1.16 bn.
Net interest income increased to EGP 1.06 bn during the first three months of 2023, compared to EGP 557.19 mn during the same period in 2022, with a growth rate of 90.69%, and an increase of EGP 505.32 mn.
Net fees and commissions income rose by around 199.92%, reaching EGP 252.01 mn during the first quarter of 2023, compared to EGP 84.03 mn during the same period in 2022, with an increase of EGP 167.98 mn.
The bank also succeeded in reducing its non-performing loan rate from 3.6% at the end of 2022 to 2.2% by the end of March 2023, compared to the banking sector average of 3.5% by the same period, according to the latest statistical bulletin from the Central Bank of Egypt.
