ABK- Egypt’s loans to deposit ratio increased to 57.8% by March 2024end

The separate financial statements of Al Ahli Bank of Kuwait - Egypt, ending on March 31 of the current year, revealed an increase in loans to deposits ratio, to reach 57.82% by the end of March 2024, compared to 56.59% by the end of December 2023.

The bank has achieved remarkable growth in its main indicators, as net profits increased by 189.1%, an increase of EGP 2.1bn during the first 3 months of the current year, to record EGP 3.19 bn during the first quarter of 2024, compared to EGP 1.1 bn during Q1-2023.

The bank was able to increase its deposit portfolio by EGP 12.8 bn, achieving a growth rate of 15.4% during the first quarter of this year, to record EGP 95.9 bn by the end of March 2024, compared to EGP 83.1 bn by the end of December 2023.

The bank was able to raise granting of credit to customers by EGP8.4bn, as the Total portfolio of customer loans surged by 18% during the first quarter of the current year, to record EGP55.4 bn by the end of March 2024, compared to EGP 47 Bn by the end of December 2023.

At the level of financial position, ABK- Egypt achieved a growth rate of 18% during the first quarter of this year, as total assets recorded around EGP115.2bn by the end of March 2024, compared to EGP97.6 bn by the end of December 2023, achieving an increase of EGP17.6 bn.