ABK-Egypt achieves a breakthrough in financial efficiency indicators during H1-2023
Wegdan Mohamed / Fatma Attia
Al Ahli Bank of Kuwait managed to achieve exceptional performance in its financial efficiency indicators during the first half of this year, continuing its strong performance since entering the Egyptian market in 2016, under the leadership of CEO and Managing Director Khaled El-Salawy.
The following analysis reviews the bank's progress in financial efficiency indicators from January to June 2023.
The separate financial statements of the Ahli Kuwaiti-Egyptian Bank, ending on June 30, 2023, revealed that the bank achieved a return on average equity of 25.18% during the first half of 2023, compared to 17.92% during the same period in 2022.
The return on average assets of the bank was 2.12% during the first half of 2023, compared to 1.50% during the first half of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits of approximately EGP1.7 bn during the first half of 2023, compared to EGP886.7 mn during the same period in 2022, with a growth rate of 91.6%.
In terms of earnings per share, the bank recorded a growth rate of 91.65% during the period from January to June last year, with the bank's share of net profits reaching about EGP7.57 per share during the first half of 2023, compared to EGP3.95 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 17.21% in its Equity portfolio during the first half of this year, as it increased from EGP6.21 bn at the end of December 2022 to EGP 7.28 bn at the end of June 2023.
The bank's asset portfolio also increased by 11.73% during the first half of this year, reaching EGP84.47 bn at the end of June 2023, compared to EGP75.60 bn at the end of December 2022. For more info and news about ABK-Egypt, click on "Read More."
