ABK - Egypt records the fastest quarterly growth in total customer loans in 5 years
First Bank
Al Ahli Bank of Kuwait-Egypt (ABK-Egypt) has increased its total customer loans by 18%, reaching EGP 55.4 bn by the end of March 2024, up from EGP 47 bn by the end of 2023.
In terms of growth rates in the past years, the Bank achieved growth of about 1% in Q1 of 2020, and 2021.
As for its performance during the first 3M of 2022, ABK- Egypt achieved a growth of 9% in total customer loans, while a rise of about 6% during the same period from 2023.
Overall, the Bank achieved strong growth during the year, jumping its net profit 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 in the same period from 2023, with growth of 165% and an increase of EGP 96.9 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.
Assets portfolio jumped by 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.
