ABK-Egypt achieves a Boom in Financial efficiency indicators during 9M-2023
First Bank
Al Ahli Bank of Kuwait-Egypt managed to achieve exceptional performance in its financial efficiency indicators during the first 9 months of the current 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 September 2023.
The separate financial statements of the Ahli Kuwaiti-Egyptian Bank, ending on September 30, 2023, revealed that the bank achieved a return on average equity (ROE) of 31.33% during the first 9M- 2023, compared to 24.26% during the same period in 2022.
The return on average assets of the bank was 2.79% during the first 9 months of 2023, compared to 2.06% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits of approximately EGP 2.32 bn during the first 9M- 2023, compared to EGP 1.26 Bn during the same period in 2022, with a growth rate of 83.70%.
In terms of earnings per share, the bank recorded a growth rate of 83.70% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 9.83 per share during the first 9 months of 2023, compared to EGP 5.35 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 38.30% in its Equity portfolio during the first 9M-2023, as it increased from EGP 6.21 bn at the end of December 2022 to EGP 8.59 bn at the end of September 2023.
The bank's asset portfolio also increased by 19.57% during the first 9M of the current year, reaching EGP 90.40 bn at the end of September 2023, compared to EGP75.60 bn at the end of December 2022. For more info and news about ABK-Egypt, click on "Read More."
