Khaled El Salawy leads ABK - Egypt to significant growth rates, achieving leap in its financial results in 9 years

Strong growth in ABK - Egypt indicators since its acquisition of Piraeus Bank, its total assets jump by 1280.1% to register EGP 127.4 bn by the end of June 2024

A huge expansion in granting of customer loans, Total loans portfolio rises by 1423.8% in record time

ABK - Egypt successfully converts the losses of Piraeus Bank into net profits in the first year of its entry into Egypt, achieving a boom in its financial results in 2024

Since entering the Egyptian banking market, Al Ahli Bank of Kuwait Egypt has been one of the most significant acquisition experiences in the last decade. Thanks to its wise strategy and cautious approach, it succeeded in achieving unprecedented growth rates that prompted it to become on the fastest growing banks' lists. The Bank pushed international institutions to highlight its successful and outstanding experience, and the quality of credit services, sustainable financing and capital efficiency shaped the strength of his financial position, giving the Bank a strong foundation for further achievements in 2024.

It is a successful journey for ABK - Egypt, in which it entered the banking market with the acquisition of Piraeus Bank by ABK Group in 2015, to begin the unique experience led by Mr. Khaled El Salawy, CEO and Managing Director of the Bank and one of the most prominent bankers in the Egyptian banking market.

This was revealed by a new monitoring conducted by First Bank of the development of ABK - Egypt indicators, where the Bank has witnessed a significant expansion in its business volume since the start of the acquisition, a marked increase in its asset volume, rising from EGP 9.2 bn by the end of 2015, to EGP 127.4 bn by the end of June 2024, with a growth of 1280%, and an increase EGP 118 bn.

The Bank expanded introducing competitive banking services and credit products to attract different segments of customers to the Bank, which in turn resulted in a record growth in the Bank's total customer loans, with its portfolio jumping by 1423.8%, to EGP 60.8 bn by the end of June 2024, compared to EGP 4 bn by the end of 2015, representing an increase of EGP 56.8 bn.

The strong increases achieved by ABK - Egypt in total customer loans are due to the significant growth in its corporate loans. Its corporate loans portfolio jumped to EGP 42 bn by the first half of this year, compared to EGP 2.7 bn by the end of 2015, with a growth of 1453.2% and an increase of EGP 39.2 bn.

The Bank's increase in retail loans also played an important role in the remarkable growth of its total customer loans, with its retail loans portfolio rising to EGP 18.8 bn by the end of June 2024, compared to EGP 1.3 bn by the end of 2015, with a growth of 1362.1%, and an increase of EGP 17.5 bn.

ABK-Egypt was able to attract the confidence of more different segments of customers, thanks to its introduction of many deposits, thus increasing the Bank's deposit portfolio from EGP 8.2 bn by the end of 2015, to EGP 103.8 bn by the end of the second quarter of 2024, with a growth rate of 1164.7% and an increase of EGP 95.6 bn.

Corporate deposit portfolio contributed to this record growth of the Bank's total deposit portfolio, jumping by 1724.8%, to EGP 75.5 bn by the first half of 2024, compared to EGP 4.1 bn by the end of 2015, representing an increase of EGP 71.3 bn.

In terms of retail deposits, it rose by about 596.1% during the period under analysis by First Bank, recording EGP 28.3 bn by the end of June 2024, compared to EGP 4.1 bn by the end of 2015, with an increase of EGP 24.3 bn.

Al Ahli Bank of Kuwait -Egypt significantly boosted its financial investments, achieving a record growth rate of 1018.3%, recording its total financial investments portfolio of EGP 17.1 bn by the end of June 2024, up from EGP 1.5 bn by the end of 2015, with an increase of EGP 15.6 bn. 

The Bank seeks to be the closest to its customers by providing outstanding banking services that correspond to their aspirations and meet their needs by supporting its geographical presence in the governorates of Egypt to increase the number of Bank branches to 45 in 18 governorates throughout the Arab Republic of Egypt, In addition to equipping a number of branches to provide easy and accessible banking services to the bank's disabled customers, in line with the Central Bank of Egypt initiative.

The tireless efforts of ABK – Egypt led by Khaled El Salawy, CEO and Managing Director, resulted in a record change in profits, with the bank shifting from EGP 102.57 mn in losses during 2015 to a strong net profit of EGP 2.8 bn in 2023.

In terms of net profits during the first half of this year, ABK-Egypt recorded the fastest quarterly growth in its net profits since entering the Egyptian banking market, jumping by about 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.

The Bank also managed to achieve a significant change in return on average assets, from a negative return (the Bank's asset investment efficiency standard) of -1.15% in 2015, to 3.24% in 2023, and 3.84% in the first half of 2024.

It also managed to change the rate of return on average equity from a negative return of -14.15% in 2015 to 35.93% in 2023, while registering 37.98% in the first half of this year