ABK-Egypt records the fastest quarterly growth in its assets portfolio in 5 years
First Bank
ABK-Egypt's assets portfolio saw remarkable growth during Q1 of this year, jumping 18%, reaching EGP 115.2 bn by the end of March 2024, compared to EGP 97.6 bn by the end of 2023, with an increase of EGP 17.6 bn, marking the fastest quarterly growth in 5 years.
During Q1 of 2020, the Bank recorded a decline of about 3% in its asset portfolio due to the negative consequences of the coronavirus pandemic, which was declared a global pandemic during that period, while achieving growth of about 9% during the same period in 2021.
As for its performance during the first 3M of 2022, Al Ahli Bank of Kuwait-Egypt achieved a 7% growth in its asset volume, while a 6% rise during the same period from 2023.
Overall, ABK-Egypt achieved strong growth during the year, jumping its net profits by 189%, with an increase of EGP 2.1 bn, to register EGP 3.2 bn in Q1 of 2024, compared to EGP 1.1 bn during the same period in 2023.
Net interest income rose by 71.1% to EGP 1.4 bn in Q1 of 2024, compared to EGP 841.3 mn in the same period from 2023, with an increase of over EGP 598 mn.
Net fees and commissions income rose to EGP 476.8 mn in Q1 of 2024, compared to EGP 179.9 mn during the same period from 2023, with growth of 165% and an increase of EGP 296.9 mn.
The main share in the Bank's profit jumped by about 189.1%, to EGP 11.22 per share during Q1 of 2024, compared to EGP 3.88 per share during the same period of 2023.
Customer deposits portfolio rose by EGP 12.8 bn in Q1 of this year, reaching EGP 95.9 bn by the end of March 2024, compared to EGP 83.1 bn by the end of 2023.
The bank's total customer loans rose by about 18%, reaching EGP 55.4 bn by the end of March 2024, after being EGP 47 bn by the end of 2023.
