ABK – Egypt achieves strong performance in its financial Efficiency indicators during H1- 2024

Al Ahli Bank of Kuwait - Egypt was able to achieve outstanding performance in terms of its financial efficiency indicators during the first half of this year. This is in light of the Bank's continued strong performance since entering the Egyptian market in 2016, under the leadership of Khaled El Salawy, CEO and Managing Director.

The following analysis reviews the Bank's development in financial efficiency indicators from January to June 2024:

ABK - Egypt's separate financial statements, which ended on June 30 2024, revealed that the bank achieved return on average equity (ROE) of 37.98% in the first half of 2024, compared to 25.18% in the same period from 2023.

The return on average assets (ROA) rose to 3.84% in the first 6 months of 2024, compared to 2.12% in the first half of 2023.

The main reason for the rise in ROE and ROA of the Bank was the bank's net profits of EGP 4.32 bn in the first half of 2024, compared to EGP1.70 bn during the same period in 2023, with a growth rate of 154%.

In terms of earnings per share, ABK-Egypt recorded growth of 154% during the period from January to June of this year, with ABK-Egypt's share of net profits reaching around EGP 14.47 per share in the first half of 2024, compared to EGP 5.69 during the same period from 2023. 

It is worth mentioning that the Bank achieved a growth in its equity portfolio of 42% in the first half of this year, registering EGP 13.34 bn by the end of June 2024, compared to EGP9.39 bn by the end of December 2023.

The volume of the Bank's asset portfolio also increased at a growth rate of 30.5% during the first 6M of this year, recording EGP 127.36 bn by the end of June 2024, compared to EGP97.61 bn by the end of December 2023, with an increase of EGP 29.75 bn.