ABK-Egypt grows by 30.96% on First Bank Composite Growth Index during H1-2023

The separate financial statements of Al Ahli Bank of Kuwaiti- Egypt, which ended on June 30, 2023, revealed that ABK-Egypt recorded a compound growth rate of 30.96% during the first half of Current year.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure, in all branches of activity that include net profits, deposit, loan, and asset portfolios, during the period from January to June 2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 91.6% to record EGP 1.7 bn during H1- 2023, compared to EGP 886.7 Mn at the same period of 2022.

Furthermore, the bank's Total customer loans came in second place with a growth rate of 12.61% during the first half of current year, bringing the total portfolio from EGP 34.65 bn at the end of December 2022 to reach EGP 39.02 bn by June 2023end, achieving an increase of EGP 4.4 bn.

In addition, Total Assets came in third place, recording EGP 84.5 bn by June 2023end, compared to EGP 75.6 bn at the end of 2022, achieving a growth rate of 11.73%, and an increase of EGP 8.9 bn.

The bank's customer deposit portfolio achieved a growth rate of 7.92% in H1-2023, to record EGP 71.4 bn by the end of June 2023, compared to EGP 66.2 bn by the end of 2022، with an increase of EGP 5.2 bn.