ABK-Egypt grows by 60% on First Bank Composite Growth Index during H1-2024

The separate financial statements of Al Ahli Bank of Kuwaiti- Egypt, which ended on June 30, 2024, revealed that ABK-Egypt recorded a compound growth rate of 59.69% during the first half of Current year.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure, in all branches of activity that include net profits, deposit, loan, and asset portfolios, during the period from January to June 2024.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 154% to record EGP 4.32 bn during H1- 2024, compared to EGP 1.70 Bn at the same period of 2023.

Furthermore, the bank's total Assets came in second place with a growth rate of 30.84% during the first half of this year, bringing the total portfolio from EGP 97.61 bn at the end of December 2023 to reach EGP 127.36 bn by June- 2024end, achieving an increase of EGP 29.75 bn.

In addition, Total customer loans came in third place, recording EGP 60.77 bn by June- 2024end, compared to EGP 47 bn at the end of 2023, achieving a growth rate of 29.30%, and an increase of EGP 13.77 bn.

The bank's customer deposit portfolio achieved a growth rate of 24.97% in H1- 2024, to record EGP 103.81 bn by the end of June 2024, compared to EGP 83.06 bn by the end of 2023، with an increase of EGP 20.74 bn.