ABK - Egypt follows an optimistic expansion policy, Its resource employment rate jumps to 83.41%
Mai El-Kafoury
Al Ahli Bank of Kuwait - Egypt has achieved a significant increase in its resource employment rate to jump to 83.41% by the end of September of the current year, compared to 74.85% by the end of December 2022, continuing its expansion under the leadership of Khaled El Salawy, the bank's CEO and managing director.
This indicator, introduced by the research center affiliated with First Bank, measures the traditional resource employment rate (deposits + Equity) in (loans + financial investments) for banks operating in the Egyptian banking sector.
This exceptional performance, achieved by the Bank in this indicator during the first 9M of 2023, is due to the pursuit of an expansion policy in the employment of its resources to support its financial results within the Egyptian banking market.
The Bank's figures are evidence of this, with the Bank employing EGP 68.71 bn from its traditional investments, which stood at EGP 82.37 bn by the end of September 2023 in loans and financial investments, with EGP 25.42 bn for financial investments, and EGP 43.29 bn for total customer loans.
On the other hand, it employed EGP 54.17 bn of its traditional resources, which recorded EGP 72.37 bn by the end of 2022 in loans and financial investments, with EGP 19.52 bn for financial investments, and EGP 34.65 bn for total customer loans.
With regard to the distribution of the traditional resources of Al Ahli Bank of Kuwait - Egypt at the end of Q3-2023, the value of the deposit portfolio reached EGP 73.78 bn, while total equity was 8.59 bn by the end of the same period.
According to the bank's deposit employment rate for granting loans, it rose to 58.67% by the end of September 2023, compared to 52.38% by the end of 2022.
Deposit employment rate for financial investments also jumped to 34.45% by the end of the first 9M of 2023, compared to 29.50% by the end of last year.
Although the Bank's resource employment rate rose in the first 9M of 2023, it remained the lowest average of the Egyptian banking sector, with the banking sector's employment index registering about 91.52% by the end of August 2023, according to the latest data of the Central Bank of Egypt.
