ABK-Egypt grows by 39.2% on First Bank’s composite growth index during 2023

The separate financial statements of Al Ahli Bank of Kuwait- Egypt, which ended on December 31, 2023, revealed that ABK-Egypt recorded a compound growth rate of 39.22% during the last year.

This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure during 2023.

ABK-Egypt was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profits that recorded a growth rate of 66.67% during 2023.

The Bank’s net profit recorded EGP 2.803 bn during 2023, compared to EGP 1.682 bn during 2022, with an increase of EGP1.12bn.

Furthermore, the bank's Total customer loans came in second place with a growth rate of 35.56% during the last year, bringing the total portfolio from EGP 34.65 bn at the end of December 2022 to reach EGP 46.97 bn by December 2023end, achieving an increase of EGP 12.32 bn.

In addition, Total Assets came in third place, recording EGP 97.61 bn by December 2023end, compared to EGP 75.60 bn at the end of 2022, achieving a growth rate of 29.10%, and an increase of EGP 22 bn.

The bank's customer deposit portfolio achieved a growth rate of 25.56% in 2023, to record EGP 83.06 bn by the end of December 2023, compared to EGP 66.15 bn by the end of 2022، with an increase of EGP 16.91 bn.