Al Ahli Bank of Kuwait – Egypt Records EGP 3.2 billion Net profit in the first Quarter of 2024
Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) recorded breakthrough financial results for the first quarter of 2024, achieving a significant increase in Net Profit by 189%, which stood at EGP 3.2 billion compared to EGP 1.1 billion over the same period in 2023. Net Interest Income increased by 71% to reach EGP 1.4 billion by the end of March 2024 compared to EGP 841 million over the same period in 2023, while Net Fees and Commissions income grew by 165% to reach EGP 477 million compared to EGP 180 million over the same period last year.
In continuation of the Bank’s outstanding performance and strong financial position maintained over the years, Total Assets grew by 18% to reach EGP 115 billion compared to EGP 97.6 billion in December 2023. Total Customers Deposits increased by 15% to reach EGP 95.9 billion compared to EGP 83.1 billion at the end of 2023 and Total Gross Loans Portfolio increased by 22% to reach EGP 60.4 billion compared to EGP 49.5 billion at the end of 2023, in addition, the Non-Performing Loans (NPL) ratio recorded 1.65% at the end of March 2024.
Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt stated that: “The Bank’s outstanding results over the first quarter of 2024 reflect the remarkable success in delivering our growth strategy and confirms the strength of the Bank’s financial position, balance sheet, quality of credit services, sustainable finance, and liquidity growth ratios while maintaining steady growth in business volume and profitability, all paving the way to achieving further success in 2024”.
Mr. Marafi attributed this success to the executive management team for leading the implementation of our strategic plans and ensuring the agility of our business model in the face of changing local and global economic environments. These efforts have ensured that we are well equipped and able to build on our growth momentum to achieve exceptional results on all financial indicators and I am confident that the Bank will continue to achieve remarkable progress as our team will spare no effort in achieving aspired growth across all business lines and upholding our strong position in the Egyptian market. We will remain committed to our vigilant approach in facing prevailing challenges and will continue to upgrade our digital infrastructure to be able to gain market share in a highly competitive sector and a vastly changing technological landscape.
Reaffirming the strength of the Bank’s financial results, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt said: “We are delighted to start the year with outstanding growth rates on all financial indicators, which reinforces our strong position and sets us on the right path. We were able to achieve operational excellence on all business fronts, which led to realizing outstanding financial results as Profit Before Tax shows a notable increase of 185% to reach EGP 3.6 billion by the end of March 2024, compared to EGP 1.2 billion over the same period in 2023. Our strong performance in the first quarter of the year grants us confidence in the capability of our team to deliver even stronger results in the future.”
Mr. El Salawy further acknowledged the efforts of all bank employees for their hard work and perseverance that allowed us to consistently deliver added value to our customers whilst adhering to an astute risk management framework to adapt to market changes. The Executive Management will also remain committed to implementing our ambitious growth strategy that is pillared upon resilience and innovation and look forward to achieving more accomplishments to make 2024 another successful year for ABK-Egypt.
Mr. El Salawy also stated that the upcoming period will witness further focus on leveraging performance across all business lines as well as higher proficiency in serving the the needs of all customer segments and speed in adapting to market changes. We intend to focus on achieving our strategic priorities that enable us to achieve rapid growth and an increase in our market share.
In continuation of ABK-Egypt’s journey of success throughout the past 8 years, the Bank will continue to set ambitious goals for 2024 and beyond to boost performance, expedite growth, and maximize profitability whilst maintaining governance standards and applying best banking practices.
ABK-Egypt’s strong performance and noticeable growth rates have been recognized over the years as the Bank received prestigious awards from various reputable entities, the most recent of which is the Best Retail Bank in Egypt 2024 Award from MENA Banking Excellence Awards (MEED) and the Fastest Growing Bank in Egypt 2023 Award from International Business Magazine.
