ABK-Egypt reports solid results in 9 months, net profit increases by 104%

Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of the fastest growing banks, reported solid results for the nine months ended 30 September 2022.

The bank’s net profit stood at EGP 1.3 billion, reflecting a 104 percent increase compared to EGP 616  million during the same period in 2021.

ABK’s net income from the return amounted to EGP1.96 billion Egyptian pounds at the end of the third quarter of 2022, compared to EGP1.55 billion Egyptian reflecting an increase of 26.6% during the same period in 2021.

Moreover, bank’s total assets witnessed an increase of 15.7% to post EGP 65.7 billion. Its total customer deposits increased by 19.4% to reach EGP 57.2 billion, compared to EGP 47.9 billion at the end of 2021.

Furthermore, ABK’s total loan portfolio increased by 18.4% to reach 32.4 billion Egyptian pounds, compared to 27.4 billion Egyptian pounds at the end of 2021.

Commenting on the results, Ali Ibrahim Marafi, Chairman of ABK-Egypt said: “The results underpin our commitment to creating sustainable growth and expansion into the Egyptian market while delivering shareholder value. The economic outlook has improved, although we are still witnessing global economic challenges. We have maintained momentum with a strong balance sheet and steady operating performance.’’

Further commenting on the results, Khaled El Salawy, CEO & Managing Director of ABK-Egypt said: “The bank achieved positive results as it managed to attain an unprecedented growth in all financial indicators, as its net operating profits grew to EGP1.6 billion reflecting an increase of 31.6% compared to EGP1.2 billion during the same period last year.’’

In addition, the bank's profits before tax amounted to 1.7 billion Egyptian pounds, compared to .944 million Egyptian pounds for the period during the same period last year 2021.

El-Salawy also praised the bank’s outstanding performance in terms of growth and profitability despite the global and local economic challenges, which came in line with the bank’s priorities and ambitious strategy pursued since the beginning of its presence in the Egyptian market.

He also stressed that the bank will continue to strive towards being a pioneer and increasing its growth rates during the coming period by supporting its employees, enhancing the competitiveness of its products, developing its technological services to meet the needs and requirements of all customer segments, attracting new segments, and expanding geographical in the Egyptian market in order to increase its market share.