ABK - Egypt tops Banks in Return on Average Assets during H1-2024

ABK-Egypt achieved a strong and exceptional performance during this year, pushing it to top the First Bank list of the most efficient Egyptian banks in investing their assets (average return rate on assets) during the first half of 2024, rising from fifth place on the same list from 2023.

The rate of return on the average assets of ABK - Egypt increased to 3.84% during the first half of 2024, compared to 2.12% during the same period of 2023, reflecting its efficiency in investing its assets in order to achieve net profits during the period under analysis.

The Bank's net profit jumped by 154% and an increase of EGP 2.62 bn, recording EGP 4.32 bn in the first half of 2024, compared to EGP 1.70 bn in the same period from 2023.

The Bank's asset portfolio rose by 30.5%, to EGP 127.4 bn by the end of June 2024, compared to EGP 97.6 bn by the end of 2023, an increase of EGP 29.8 bn, marking the fastest quarterly growth in the last decade since the Bank entered the banking market.

Overall, Al Ahli Bank of Kuwait-Egypt achieved a strong performance during this year, with its customer deposit portfolio rising from EGP 83.1 bn by the end of 2023, to EGP 103.8 bn by the end of June 2024, 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 growth of 29.3% and an increase of EGP 13.8 bn.

Net interest income of EGP 3 bn in the first half of 2024, compared to EGP 1.8 bn in the same period in 2023, rose by 68% and an increase of EGP 1.2 bn.

Net fees and commissions income rose from 468.5 mn during the first half of 2023, to EGP 855.4 mn during the same period in 2024, a growth of 82.6% and an increase of EGP 386.9 mn.

In terms of profits per share, the bank jumped at a growth rate of 154%, reaching EGP 14.47 per share in the first half of 2024, compared to EGP 5.69 per share in the same period from 2023.