Al Ahli Bank of Kuwait – Egypt records EGP 1.3 Billion Net Profit for the nine-month period ended 30 September 2022
In continuation of its robust performance in the Egyptian market, Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, records strong financial performance for the nine-month period ended 30 September 2022. The Bank reported a Net Profit of EGP 1.3 Billion in the end of the third quarter of 2022, up 104.8% compared to EGP 616 Million over the same period last year, while Net Interest Income reached EGP 1.96 Billion, representing a 26.6% rise when compared to EGP 1.55 over the same period in 2021.
Total Assets increased by 15.7%, to reach EGP 65.7 Billion compared to EGP 56.8 Billion in December 2021 driven by strong business performance, while Customer Deposits saw a year to date growth of 19.4% to reach EGP 57.2 Billion compared to EGP 47.9 Billion at the end of 2021, and Total Gross Loans Portfolio grew by 18.4% to reach EGP 32.4 Billion compared to EGP 27.4 Billion in December 2021.
Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt, said: “The outstanding results achieved this year reflect the success of our long-term strategy that targets achieving sustainable growth and expanding our presence in the Egyptian market and is in full alignment with Egypt’s economic vision. Our performance fortifies our market position and enables us to meet our business priorities for this financial year and beyond.”
Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt said: “ABK-Egypt succeeded in achieving unprecedented results on all financial performance indicators with a solid financial position featuring an increase in Net Operating Profit by 31.6% to reach EGP 1.6 Billion compared to 1.2 Billion over the same period of 2021 and Profit Before Tax recording EGP1.7 Billion compared to 944 Million in September 2021.”
He also praised the outstanding performance on both growth and profitability fronts despite the challenges faced due to the turbulent local and global economic climate, ensuring that the Bank stands on solid footing and maintains focus on its business priorities and the ambitious strategy adopted since entering the Egyptian market.
“As we report another successful quarter of the year, I extend gratitude to our employees for their dedication and determination, which has helped us navigate numerous challenges and achieve these results. Over the coming period, we will continue in our pursue towards strengthening our growth momentum and market share through developing the capabilities of our people, enhancing our competitive advantage across all sectors, enabling our digital services, and expanding our network presence in the country to best serve the rising needs of our customers and attract new segments.” Mr. El Salawy concluded.
ABK-Egypt remains committed to promoting values of social responsibility through supporting the communities in which it operates and raising awareness on financial literacy amongst unbanked segments. The Bank works collaboratively with non-profit organizations, government agencies and community entities to provide the necessary support that best meets its objectives. In addition, the Bank will continue to work alongside the Central Bank of Egypt (CBE) to further support Small and Medium Enterprises and limit the obstacles that this high impact segment is facing to enable them to grow and drive economic prosperity.
