ABK-Egypt's records the fastest quarterly growth in its assets portfolio during the last decade

ABK-Egypt's asset portfolio grew significantly during the first half of this year, jumping by 30.5%, 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, recording the fastest quarterly growth of the last decade since the bank entered the banking market.

Al Ahli Bank of Kuwait Egypt entered the Egyptian market in 2016, when Al Ahli Bank of Kuwait acquired 98.5% of the shares of Piraeus Bank - Egypt, in a deal valued at about $150 mn, to convert the bank's name to ABK-Egypt.

Turning to previous years' growth rates, the Bank achieved 11.7% growth in its asset portfolio in the first half of 2023, while recorded growth of 8.2% and 18.9% respectively during the same period from 2022 to 2021.

As for the growth of its assets during the first six months of 2020, ABK - Egypt achieved growth of 5.2%, while it increased by 11.3% during the same period in 2019

Its assets portfolio grew by 24.5% in the first half of 2018, and by 26.4% in the same period in 2017.

The growth of its assets during the first six months of 2016 rose by about 16%, while it increased by about 7.8% during the same period in 2015.

Overall, ABK-Egypt achieved strong growth during this year, with net profits rising by 154%, reaching EGP 4.3 bn in the first half of 2024, compared to EGP 1.7 bn in the same period from 2023, an increase of EGP 2.6 bn.

Net interest income reached EGP 3 bn during the first half of 2024, compared to EGP 1.8 bn during the same period in 2023, recording a growth rate 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.

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 13.8 bn.