Al-Ahli Bank of Kuwait – Egypt achieves EGP 1.7 billion Net Profit in the first half of 2023

Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), announced achieving breakthrough results for the first half of 2023 reflecting very solid growth in profits and business volume over the course of the year. The Bank managed to achieve EGP 1.7 billion Net Profit in the period ended in June 2023 representing 91.6% growth compared to EGP 887 million over the same period in 2022. Net Interest Income grew by 40% to reach EGP 1.8 billion compared to EGP 1.3 billion over the same period last year and Net Operating profit increased by 58.7% to reach EGP 1.7 billion, compared to EGP 1 billion in June 2022.

ABK-Egypt, one of the fastest growing banks in the Egyptian market, reported growth in Total Assets by 11.7% to reach EGP 84.5 billion compared to EGP 75.6 billion in December 2022, Total Customer Deposits increased by 8% to reach EGP 71.4 billion compared to EGP 66.2 billion, and the Bank’s Total Gross Loans Portfolio recorded EGP 40.3 billion, reflecting a 13.2% increase compared to EGP 35.6 billion at the end of 2022.

Commenting on the Bank’s performance, Mr. Ali Marafi, Chairman of ABK-Egypt’s Board of Directors said: “The outstanding financial results achieved during the first half of the year 2023 reflect the strength of our financial position, explaining that the Bank’s achievements since entering the Egyptian market exceeded the expectations of our Group, which supports our vision for injecting future investments in Egypt, and we remain positive about our future in the country over the coming period as we continue to witness the considerable measures taken by the Egyptian government and Central Bank of Egypt towards achieving economic stability and growth.”

Reaffirming the strength of the Bank’s financial results, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt said: “The Bank recorded EGP 2.1 billion Profit Before Tax, a growth rate of 78.2% compared to EGP 1.2 billion over the same period last year. This growth reflects the successful implementation of our ambitious strategy and our prudent approach in handling market changes, which allowed us to compete in very challenging local, regional and global economic conditions and achieve remarkable growth on all financial indicators.”

“Our strong momentum during the first half of 2023 reflects Bank’s success in seizing business opportunities to achieve sustainable growth and we are fully confident in our ability to maintain notable growth rates for all business lines and increase our market share across all customer segments. Over the coming period, we will continue to work on expanding our geographical footprint and coverage in more governorates, enhance customer experience, invest in human capital, and take further steps in upgrading our digital infrastructure as part of our digital transformation journey that will help us achieve competitive advantage and attract new customer segments.” added Mr. El Salawy.

Both Chairman and CEO and Managing Director of ABK-Egypt praised the efforts exerted by the Central Bank of Egypt (CBE) towards achieving Financial Inclusion goals through raising financial literacy rates and reaching out to unbaked segments with affordable and simple banking solutions that fulfills their needs. The Bank constantly explores new opportunities as part of its active role in supporting this national direction and all similar endeavors that pave the way to Egypt’s transition to a cashless economy, which will ensure economic growth and accelerate achieving Egypt’s sustainable development goals.

ABK-Egypt strongly believes in the direct impact of sustainable development on economic stability and the positive role of sustainable finance on the long-term growth of the banking sector, which necessitates giving primary focus on funding projects and activities of positive economic, social, and environmental impact. The Bank is taking solid steps towards incorporating sustainable finance principles and practices into its business model and is working on building a culture that promotes sustainable development and integrates environmental, social and governance (ESG) factors into all its operational activities.