15 Nov 2022
In continuation of the Bank’s robust performance in the Egyptian market, Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, is pleased to record a strong financial performance for the nine-month period ended 30 September 2022. The Bank reported a noticeable 104.8% increase in its Net Profit reaching EGP 1.3 Billion in the end of the third quarter of 2022 compared to EGP 616 Million over the same period last year. Net Interest Income reached EGP 1.96 Billion at the end of the third quarter, representing a 26.6% increase as compared to EGP 1.55 Billion 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. Customer Deposits grew by 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 as 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 to date reflects the success of our long-term strategy that targets achieving sustainable growth, expanding our presence in the Egyptian market in alignment with Egypt's economic vision. Our performance fortifies our market position and role in the Egyptian banking sector.”
Mr. Khaled El Salawy, Chief Executive Officer and Managing Director of ABK-Egypt, said, “ABK-Egypt has 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 as compared to EGP 1.2 Billion over the same period of 2021 and Profit Before Tax recording EGP 1.7 Billion as compared to EGP 944 Million in September 2021.”
Mr. El Salawy also praised the outstanding performance on both growth and profitability fronts despite local and global economic conditions and challenges, ensuring that the Bank maintains focus on its business priorities and the ambitious strategy adopted since its entrance in the Egyptian market.
“As we report another successful quarter of the year, I extend my gratitude to our employees and team for their dedication and determination, which have helped us navigate numerous challenges and achieve these strong results. Over the coming period, we will continue in our pursuit towards strengthening our growth and increasing our market share. We will do so while also developing the capabilities of our team, as well as 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 continues to support the country’s industrial and large corporate sectors to achieve sustainable development and economic growth. It also finances small and medium enterprises in various industries, confirming the implementation of the Bank’s strategy since inception in supporting customers and continuing to strengthen its position in the Egyptian banking sector. Furthermore, ABK-Egypt provides multi-purpose financial services and solutions that meet the needs of the sector and enables these companies to achieve their operational goals. There is a definite need to support this vital sector which, in turn, contributes to achieving sustainable economic development.
In addition to the important role that that ABK-Egypt plays in supporting the Egyptian economy, coupled with the Bank’s outstanding performance in terms of providing the best banking services and products, it continues to enhance its corporate social responsibility program. This is an integral part of the Bank’s strategy where it strives to participate in sponsorships and events organized by the government and the private sector, as well as non-profit organizations. These efforts are focused in the areas of health, education, sports, special needs and the environment
Furthermore, ABK-Egypt has a strong interest in financial inclusion, ensuring a strong financial culture in the community that it supports through participating in initiatives related to the Central Bank of Egypt along with other leading entities in the sector to ensure awareness is raised and that financial products and services are available to all segments of society.