ABK – Egypt achieves strong performance in its financial Efficiency indicators during Q1- 2024

Al Ahli Bank of Kuwait - Egypt was able to achieve outstanding performance in terms of its financial efficiency indicators during the first quarter of this year. This is in light of the Bank's continued strong performance since entering the Egyptian market in 2016, under the leadership of Khaled El Salawy, CEO and Managing Director. The following analysis reviews the Bank's development in financial efficiency indicators from January to March 2024:

ABK - Egypt's separate financial statements, which ended on March 31, revealed that the bank achieved return on average equity (ROE) of 29.55% in the first quarter of 2024, compared to 17.60% in the same period from 2023. The return on average assets (ROA) jumped to 2.99% in the first quarter of 2024, compared to 1.42% in the first quarter of 2023.

The main reason for the rise in ROE and ROA of the Bank was the bank's net profits of EGP 3.19 bn in the first quarter of 2024, compared to 1.10 bn during the same period in 2023, at a growth rate of 189.1%.

In terms of earnings per share, ABK-Egypt recorded growth of 189.1% during the period from January to March of this year, with ABK-Egypt's share of net profits reaching around EGP 11.22 per share in the first quarter of 2024, compared to EGP 3.88 during the same period from 2023. 

It is worth mentioning that the Bank achieved a growth in its equity portfolio of 29.6% in the first quarter of this year, registering EGP 12.17 bn by the end of March 2024, compared to 9.39 bn by the end of December 2023.

The volume of the Bank's asset portfolio also increased at a growth rate of 18% during the first 3M of this year, recording EGP 115.16 bn by the end of March 2024, compared to 97.61 bn by the end of December 2023, with an increase of EGP 17.55 bn.