Al-Ahli Bank of Kuwait – Egypt achieves EGP 4.3 billion Net Profit in the first half of 2024

In continuation of its robust performance in the Egyptian market, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) reported outstanding financial results for the first half of the year 2024 showing a significant rise in Net Profit by 154%, reaching 4.3 billion Egyptian pounds compared to 1.7 billion Egyptian pounds for the same period last year. Additionally, all key financial indicators marked a significant increase with Net Interest Income growing by 68%, reaching EGP 3 billion by the end of June 2024 compared to EGP 1.8 billion and Net Fees & Commissions income growing by 82.6% to reach EGP 855 million compared to EGP 469 million over the same period last year.

Meanwhile, Total Assets grew by 30.5% to reach EGP 127.4 billion compared to EGP 97.6 billion in December 2023, Total Customer Deposits increased by 25% to reach EGP 103.8 billion compared to EGP 83.1 billion, and Total Gross Loans Portfolio increased by 26.1% to reach EGP 62.4 billion compared to EGP 49.5 billion at the end of 2023. Finally, the Non-Performing Loans (NPL) ratio recorded 1.62% during the first half of 2024.

Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt, said: “The strong financial results achieved by the Bank during the first half of the current year affirms the Bank’s ability to strengthen its position within the Egyptian market, which we see as a market full of great potential and promising opportunities for growth. The Bank has also been able to cement its brand as one of the fastest growing banks within the banking sector with record growth rates across all financial indicators, reflecting our commitment towards achieving sustainable growth.”

Mr. Ali Marafi further added that the strength of the Bank’s financial position highlights the agility of its operational model and prudent risk approach, which enabled growth despite the changing local and global economic conditions.  Additionally, the Bank was keen on fulfilling the rising needs of all customer segments, attracting new customers, and investing in improving service levels to provide an exceptional banking experience across all channels. Finally, Mr. Marafi stressed on ABK-Egypt’s commitment to supporting all efforts endeavored by the Egyptian government and Central Bank of Egypt towards achieving economic stability and growth.

Also reaffirming these exceptional results, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, further stated: “The Bank managed to achieve record Profit Before Tax, which reached EGP 5 billion showing a growth rate of 140% compared to EGP 2.1 billion over the same period in 2023. These results represent a new milestone in our success journey of nine years and reflect the persistent efforts exerted by the team towards fortifying ABK-Egypt’s prominent position within the Egyptian banking sector. I take this opportunity to commend the strong performance of the Executive Management team and all ABK-Egypt employees for their commitment to accomplishing record year-on-year growth rates as well as applying the best governance standards to ensure we achieve sustainable growth.”

Mr. Khaled El Salawy also added that the significant growth witnessed across all business lines reflects our determination towards implementing our phased strategy, which focuses on expanding our reach and enhancing our market share across various customer segments from individuals and corporates. He also stated that the Bank will continue to invest heavily in upgrading its digital platforms in response to the rising technological advancements within the sector to ensure we provide an elevated customer experience.  Additionally, the Bank will continue to play an active role in attracting unbanked segments with appealing banking solutions in line with the Central Bank of Egypt’s plan towards financial inclusion and will also intensify its role in Corporate Social Responsibility through extending various forms of aid to all sectors of society and underprivileged segments in various Governorates.

It is worth mentioning that ABK-Egypt has issued its first report on sustainable development and carbon footprint in accordance with the Global Reporting Initiative (GRI). This report reflects the importance of measuring the Bank’s performance through sustainability standards and covers the most important achievements and initiatives undertaken by the Bank during 2023. It also highlights the Bank’s accomplishments in economic, social, environmental, and governance areas. The Bank prioritizes contributing to the achievement of Egypt’s Vision 2030 for sustainable development, in addition to achieving economic development and integrating environmental, social, and governance (ESG) practices into its various activities and operations.