ABK- Egypt records the fastest quarterly growth in net profits since entering the Egyptian market
First Bank
ABK- Egypt achieved strong and exceptional performance during the first half of this year, supported by the efforts of Khaled El Salawy, CEO and Managing Director of the Bank, and his team. The team worked to develop ambitious plans for the bank to expand the volume of business and attract new segments of customers, whether individuals or corporates, making it one of the fastest growing banks in the Egyptian banking market.
The Bank's profits translated its outstanding performance during the first half of this year, with ABK- Egypt registering the fastest quarterly growth in net profits since entering the Egyptian banking market, having jumped by 154%, reaching EGP 4.3 bn in the first half of 2024, compared to EGP 1.7 bn during the same period from 2023, with an increase of EGP 2.6 bn.
Al Ahli Bank of Kuwait - Egypt entered the Egyptian market in 2016, when Al Ahli Bank of Kuwait Group acquired 98.5% of the shares of Piraeus Bank - Egypt, in a deal valued at approximately $150 mn, to convert the name of the bank to Al Ahli Bank of Kuwait - Egypt
In view of previous years' growth rates, the Bank achieved 92% growth in the first half of 2023, while it recorded growth of about 124% and 12% respectively during the same period from 2022 to 2021.
As for its performance during the first 6M of 2020, ABK- Egypt achieved a net profit growth of 54%, while decreasing by about 15% during the same period in 2019.
It recorded a net profit growth of 68% during the first half of 2018, with a decline of about 11% during the same period in 2017, and a net profit of 125% during the first six months of 2016.
The significant increase achieved by the Bank during the first half of this year, supported by the significant jump in net interest income, touched EGP 3 bn in the first half of 2024, compared to EGP 1.8 bn in the same period in 2023, with a growth of 68%, and an increase of EGP 1.2 bn.
Net fees and commissions income also increased from 468.5 mn during the first half of 2023, to EGP 855.4 mn during the same period in 2024, with a growth of 82.6% and an increase of EGP 386.9 mn. Overall, ABK - Egypt achieved strong growth during this year, jumping its asset portfolio by 30.5% during the first half of this year, reaching EGP 127.4 bn by the end of June 2024, compared to EGP 97.6 bn by the end of 2023, with an increase of EGP 29.8 bn.
The Bank's deposit portfolio rose from EGP 83.1 bn by the end of 2023, to EGP 103.8 bn by the end of June 2024, with a growth of 25% and an increase of EGP 20.7 bn.
The Bank's total customer loans rose from EGP 47 bn by the end of 2023, to EGP 60.8 bn by the end of June 2024, with a growth of 29.3% and an increase of EGP 13.8 bn
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