With a growth rate of 131%, ABK-Egypt recorded the fastest quarterly growth in its net profit in 8 years

12/22/2024 12:24:58 PM

ABK achieved strong and exceptional performance during the first 9 months of 2024, supported by the efforts of Khaled El Salawy, CEO and Managing Director of the Bank, and his team. The team worked to develop ambitious plans for the bank to expand the volume of business and attract new segments of customers, whether individuals or corporates, making it one of the fastest growing banks in the Egyptian banking market.

The Bank's profits translated its remarkable performance this year, with net profits jumping by 131%, reaching EGP 5.4 bn in the first 9 months of 2024, compared to EGP 2.3 bn in the same period from 2023, with an increase beyond EGP 3 bn, marking the fastest quarterly growth in 8 years, and its largest ever increase in value.

Given previous years' growth rates, the Bank achieved 84% growth in the first 9 months of 2023, while it recorded growth of about 105% and 14% respectively during the same period of 2022 and 2021.

As for its performance during the first nine months of 2020, ABK - Egypt achieved a net profit growth of 42%, while falling about 9% during the same period in 2019.

It recorded net profit growth of about 75% during the first 9 months of 2018, while growth of about 12% during the same period in 2017.

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

The bank increased the granting of its customer loans by EGP 20.78 bn, with its total portfolio of loans and facilities rising by 44.20% during the first 9 months of this year, to EGP 67.78 bn by the end of September 2024, compared to EGP 47 bn by the end of December 2023.

The bank was able to increase its deposits portfolio by EGP 33.95 bn, with a growth rate of 40.87% during the first 9 months of this year, to register EGP 117.01 bn by the end of September 2024, compared to EGP 83.06 bn by the end of December 2023.