ABK-Egypt achieves 60.1% on First Bank’s composite growth index during Q1-2024

The separate financial statements of Al Ahli Bank of Kuwait- Egypt, which ended on March 31, 2024, revealed that ABK-Egypt recorded a compound growth rate of 60.1% during the first quarter of the current 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 Q1- 2024.

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 189.1% during the first 3 months of this year

The Bank’s net profit recorded EGP 3.19 bn during Q1- 2024, compared to EGP 1.10 bn during the same period of 2023.

The size of total Assets was the second contributor to the growth of ABK-Egypt, with a growth rate of 18%, an increase of approximately EGP 17.55 bn during the first 3 months of 2024, reaching EGP 115.16 bn by the end of March 2024, compared to EGP 97.61 bn by the end of December 2023.

Furthermore, the bank's Total customer loans came in Third place with a growth rate of 18% during the first quarter of 2024, bringing the total portfolio from EGP 47 bn at the end of December 2023 to reach EGP 55.43 bn by March- 2024end, achieving an increase of EGP 8.42 bn.

In addition, the bank's customer deposit portfolio achieved a growth rate of 15.4% in Q1- 2024, to record EGP 95.87 bn by the end of March 2024 compared to EGP 83.06 bn by the end of 2023, with an increase of EGP 12.80 bn.