ABK – Egypt jumps by 35% on FirstBank composite growth index At 9M-2023
First Bank
The separate financial statements of Al Ahli Bank of Kuwait – Egypt, ending on September 30th, revealed the bank achieved a composite growth rate of 35% during the first 9 months of the current year.
The bank’s performance was measured using First Bank composite index, covering all branches of activity, including net profits, deposit portfolio, loan portfolio, and asset portfolio, from January to September 2023.
The bank successfully achieved positive results in all 4 sub-indices of First Bank index. Leading the growth was the net profits of the bank, which showed the highest percentage increase at 84%, reaching EGP2.32 bn during the first 9 months of 2023, compared to EGP 1.26 bn during the same period in 2022.
Total customer loan portfolio of the bank contributed as the second factor in this growth, increasing by a growth rate of 24.93% during the first 9 months of the current year, totaling EGP 43.29 bn by the end of September 2023, compared to EGP34.65 bn by the end of December 2022, with an increase of EGP 8.64 bn.
Meanwhile, Asset portfolio’s size contributed as the third factor in the growth of ABK – Egypt, with a growth rate of 19.6% and an increase of about EGP14.80 bn during the first 9 months of the current year, reaching EGP 90.4 bn by the end of September 2023, compared to EGP75.6 bn by the end of December 2022.
Deposit portfolio increased by a growth rate of 11.5% during the first 9 months of the current year, recording EGP73.78 bn by the end of September 2023, compared to EGP66.15 bn by the end of December 2022, with an increase of EGP 7.63 bn.
