ABK-Egypt's assets portfolio jumps by 246% in 5 years
First Bank
ABK-Egypt's separate financial statements revealed that its assets portfolio has risen by 246% over the past five years, reaching EGP 97.6 bn by the end of 2023, compared to EGP 28.2 bn by the end of 2018, with an increase of EGP 69.4 bn, driven by the efforts of Khaled El Salawy, the bank's chief executive officer and managing director, and his team.
The Bank's increase in its assets increased its market share to 0.69% of total banking assets by the end of 2023, compared to 0.52% by the end of 2018.
Tracking its journey during the period under analysis, we find that the highest growth rate achieved in the asset portfolio of Al Ahli Bank of Kuwait - Egypt was during 2021, jumping by 38% on an annual basis, reaching EGP 56.8 bn by the end of 2021, up from EGP 41.2 bn by the end of 2022, with an increase of EGP 15.5 bn.
While the highest value was recorded by the Bank's asset portfolio was in 2023, rising by more than EGP 22 bn, recording EGP 97.6 bn by the end of last year, compared to EGP 75.6 bn by the end of 2022, with growth of 29% on an annual basis.
It should be noted that ABK-Egypt has been performing strongly over the past year, with the bank's net profits rising by 67%, to record EGP 2.8 bn, compared to EGP 1.7 bn in 2022.
According to the bank's announced results, net interest income was EGP 4.1 bn in 2023, compared to EGP 2.7 bn in 2022, with an increase of 49% on an annual basis.
This remarkable growth in profits was due to the increase in the total loan portfolio of 39%, to reach EGP 49.5 bn by the end of 2023, compared to EGP 35.6 bn by the end of 2022, and total customer deposits increased by 26% to EGP 83.1 bn, compared to EGP 66.2 bn by the end of 2022.
