01 September 2020
Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) released its financial results for the first half of 2020, demonstrating positive growth rates. The bank reported a Net Profit of EGP 354 Million for the period ending 30th June 2020, representing growth of 54%.
Net Operating Profit for the same period was EGP 631 Million, an increase of 44% over the same period last year. Total Assets stood at EGP 37.6 Billion, a 5.3% growth over the previous fiscal year, registering EGP 35.7 Billion at the end of 2019.
Customer deposits grew by 5% to reach EGP 29.5 Billion, and the Bank’s loan portfolio grew by 9% to EGP 21.2 Billion.
Commenting on the results, Mr. Ali Marafie, Chairman of ABK - Egypt, said, “This has been a period dedicated to supporting our customers and the economy through the COVID-19 pandemic, providing a bridge to recovery in every way possible through this difficult period. We are focused on working closely with the Egyptian government and the Central Bank of Egypt to ensure that our employees and customers are protected from any risk, and an action plan has already been set in line with the Egyptian Ministry of Health precautionary measures. Despite the unprecedented conditions facing the banking sector worldwide due to the pandemic, ABK has maintained healthy growth rates, and a solid overall performance during the first half of the year. I take this opportunity to thank the Executive Management team and all the employees for their efficiency and dedication and we will continue to work hard to ensure growth.”
Mr. Khaled El Salawy, CEO & Managing Director of ABK - Egypt, said: “At ABK-Egypt, we are conscious of the economic impact that the Coronavirus has had on our customers and on the economy. In line with the Central Bank of Egypt initiatives and thanks to the excellent guidance received at the onset of the
pandemic to ease the stress on all clients as well as banks, we have managed to record a very solid performance. The initiatives implemented by the Central Bank of Egypt have played a major role in navigating the economy away from this crisis and mitigating its impact.
“We have done all we can to support our clients through these trying times, including offering increased flexibility to ease the financial burdens for those facing hardships by introducing a six-month payment holiday for all credit facilities and credit cards, without any late payment penalties. We have also taken prudent measures on cost cutting, and have ensured we move swiftly on digital initiatives with a view to encouraging contactless banking wherever possible.
“I express gratitude and appreciation to our Bank’s employees for their proven resolve, loyalty, and resilience, which has contributed to the achievement of these results, and I thank our clients for their ongoing loyalty.” He concluded.
During 2020, ABK-Egypt continued its investment in enhancing its online and digital services as a key part of its strategy for future digital transformation and growth.
Earlier this year, ABK-Egypt was named ‘Best Performing Bank’, by The European Magazine, one of the leading business magazines that monitors the outstanding performance in the Banking services sector at the international level. In addition, the Bank was also named ‘Most Innovative Bank’ by the International Finance Magazine, cementing the Bank's strong performance and flexibility, complementing advanced trends in the Egyptian Banking sector.
For more information kindly visit eahli.com or contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899.