ABK-Egypt achieves 64.1% growth on First Bank Composite Growth Index during 9M-2024

Al Ahli Bank of Kuwait (ABK) - Egypt's separate financial statements, which ended on September 30, revealed that the Bank achieved a 64.1% growth rate during the first 9 months of this year.

This rate was measured by a composite index developed by First Bank to measure banks' financial performance by one digit, across all branches of activity that include net profits, deposit portfolio, loan portfolio and asset portfolio, from January to September 2024.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), primarily the Bank's net profit, which accounted for the largest proportion of the Bank's activity growth at 131%, to register EGP 5.36 bn in the first 9 months of 2024, compared to 2.32 bn during the same period in 2023.

The Bank's total loan portfolio was the second contributor to this growth, rising at a growth rate of 44.20% and an increase of 20.78% in the first 9 months of this year, registering EGP 67.78 bn by the end of September 2024, compared to 47 bn by the end of December 2023.

The total customer deposit portfolio represented the third contributor to the growth of ABK - Egypt at 40.87% and an increase of EGP 33.95 bn during the first 9 months of this year, recording EGP 117.01 bn by the end of September 2024, compared to 83.06 bn by the end of December 2023.

The volume of the Bank's asset portfolio rose by 40.22% and an increase of EGP 39.25 bn during the first 9 months of this year, registering EGP 136.86 bn by the end of September 2024, compared to 97.61 bn by the end of December 2023.