ABK-Egypt achieves a significant rise in profitability indicators during the first 9M-2024

Al Ahli Bank of Kuwait - Egypt (ABK) has been able to achieve outstanding performance in terms of its financial efficiency indicators during the first 9 months 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 evolution in financial efficiency indicators from January to September 2024:

Al Ahli Bank of Kuwait (ABK) - Egypt's separate financial statements, which ended on September 30, revealed that the rate of return on the bank's average equity rose to 59.31% during the first 9 months of 2024, compared to 41.77% during the same period in 2023.

The bank achieved a significant rise in return on its average assets to 6.09% during the first 9 months of 2024, compared to 3.73% during the first 9 months of 2023.

Return on equity and Return on assets averages at Al Ahli Kuwait-Egypt were due mainly to the Bank's achieving a net profit of EGP 5.36 bn during the first 9 months of 2024, compared to EGP 2.32 bn during the same period in 2023, with a growth rate of 131%.

In terms of earnings per share, ABK-Egypt recorded a growth rate of 131%. ABK-Egypt's share of net profits was about EGP 17.51 per share during the first 9 months of 2024, compared to EGP 7.58 during the same period in 2023.

ABK - Egypt has grown its equity by 56.45% and recorded an increase of EGP 5.30 bn during the first 9 months of this year, bringing its portfolio to EGP 14.69 bn by the end of September 2024, compared to 9.39 bn by the end of December 2023.

The Bank's portfolio of assets increased at a growth rate of 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.