ABK-Egypt tops most efficient banks In Return On Shareholders' Equity
First Bank
ABK-Egypt achieved a strong and exceptional performance during the first quarter of this year, pushing it to First Bank list of the most efficient Egyptian banks in Return On Shareholders' Equity "Rate of return on average equity" during the first quarter of 2024, maintaining its top on the list for the same period from 2023.
The rate of return on average equity in ABK-Egypt rose to 29.55% in the first quarter of 2024, compared to 17.60% during the same period from 2023, reflecting the strong and growing ability of the Bank to invest its Shareholders' Equity in achieving record levels of net profits.
Its outstanding performance is due to the significant jump in his profit levels, as its net profits jumped by 189.1%, registering EGP 3.19 bn in the first quarter of 2024, compared to EGP 1.10 bn in the same period in 2023.
Overall, ABK-Egypt achieved strong growth in its financial indicators during the year, with the volume of the Bank's asset portfolio rising by 18%, to EGP 115.16 bn by the end of March 2024, compared to EGP 97.61 bn by the end of December 2023, with an increase of EGP 17.55 bn.
Total customer loans at Al Ahli Bank of Kuwait -Egypt jumped by 18% and an increase of EGP 8.4 bn during the first quarter of this year, reaching about EGP 55.4 bn by the end of March 2024, compared to EGP 47 bn by the end of December 2023.
The deposit portfolio increased by 15.4% during the first 3M of this year, to 95.87 bn pounds by the end of March 2024, compared to 83.06 bn pounds by the end of December 2023, with an increase of 12.80 bn pounds.
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