ABK-Egypt tops Fastest Growing Banks in Assets After Exchange Rate Neutralization during H1-2024
First Bank
Al Ahli Bank of Kuwait (ABK) - Egypt significantly strengthened its financial position during this year, leading it to top the list of the fastest growing banks in assets after neutralizing the exchange rate during the first half of this year after achieving a growth rate of 28.55%
ABK-Egypt's asset portfolio rose to EGP 127.36 bn by the end of June 2024, compared to EGP 97.61 bn by the end of 2023
Overall, ABK-Egypt achieved strong growth during this year, jumping its net profit by 154% and an increase of EGP 2.62 bn, registering EGP 4.32 bn in the first half of 2024, compared to EGP 1.70 bn in the same period from 2023.
The total portfolio of customer loans rose by 29.29% and an increase of EGP 13.77 bn during the first half of this year, registering about EGP 60.77 bn by the end of June 2024, compared to EGP 47 bn by the end of 2023
The Bank's deposit portfolio jumped at a growth rate of 24.97% and an increase of EGP 20.74 bn during the first half of this year, recording EGP 103.81 bn by the end of June 2024, compared to EGP 83.06 bn by the end of 2023.
