Al Ahli Bank of Kuwait – Egypt achieved 100% Net Profit growth in the first Quarter of 2023
Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) continues to build on its success as one of the fastest growing banks in the Egyptian market despite a challenging economic landscape, delivering very strong results in all key performance indicators in the first quarter of the year 2023 and fortifying its market position with outstanding growth ratios in business volume and profitability.
Demonstrating this notable growth, ABK-Egypt’s Net Profit doubled in the first quarter of the year to reach EGP 1.1 billion compared to EGP 551 million over the same period in 2022, Net Interest Income increased by 40% recording EGP 841 million, compared to EGP 603 million over the same period last year, and Net Operating Profit increased by 63% in the period ended 31st of March 2023 to reach EGP 779 million, compared to EGP 478 million in March 2022.
The Bank’s Total Assets mounted to EGP 79.8 billion in March 2023, a 5.6% increase compared to 75.6 billion in December 2022. Total Customer Deposits increased by 3.3% to reach EGP 68.3 billion, compared to EGP 66.2 billion in December 2022 and the Total Gross Loans Portfolio increased by 6.64% to reach EGP 38 billion compared to EGP 35.6 billion at the end of 2022.
Commenting on the Bank’s performance, Mr. Ali Marafi, Chairman ABK-Egypt said, “Recording outstanding profits over the first quarter of the year is a fulfilling accomplishment for us as it accords with our seventh year of operations in the Egyptian market. Our focus has always been to ensure sustainable success and throughout this fruitful yet exhilarating journey, the Bank managed to demonstrate its strong presence with positive ratios across all its key performance indicators, whilst adhering to prudent risk management practices to face the challenging market conditions.”
Mr. Marafi added, “Our long-term business strategy reflects our commitment to supporting Egypt’s economic development and we will continue to seize business opportunities in response to changing market conditions and improve the efficiency of our business model to maintain a competitive edge in the market.”
Reaffirming the Bank’s solid position, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said, “These strong results, with Profit before Tax recording EGP 1,249 million in the first quarter of the year compared to EGP 698 million over the same period in 2022, confirm the resilience of our strategy and operating model as well as the effective role played by our team in achieving balanced growth in terms of market share and profitability.”
In continuation of the optimistic outlook for the year 2023, Mr. El Salawy added that the Bank’s strategic direction will continue to prioritize its efforts in digital transformation with the clear vision of offering our customers best in class digital experiences that ensure maximum speed and convenience. Over the course of the year, several important steps were taken towards enhancing our digital solutions and portfolio of offerings and upgrading our service level to provide a distinguished banking experience across all channels and maximize value to our customers.
El Salawy concluded, “Despite the turbulent market scene, we remain positive and committed to serving the best interest of our shareholders, customers, and employees. We also confirm our commitment to supporting all efforts endeavored by the Egyptian government and Central Bank of Egypt towards achieving economic stability and growth.”
In addition to financial growth, ABK-Egypt has always been keen on supporting underprivileged segments with a thorough corporate social responsibility agenda that enhances its presence in the local community. The Bank extends support to families in need, financially incapable individuals, children, people with disabilities, and women across Egyptian Governorates through an array of social initiatives that focus on providing shelter, food supplies, medical care, and better education opportunities.
