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Al Ahli Bank of Kuwait - Egypt reaches the EGP 1 Billion mark for Net Operating Profit in Q3 2018

6 November 2018

Khaled ElSalawy Mr Marafi

ABK-Egypt today announced the bank’s financial performance for the first nine months of 2018. The Bank recorded EGP 1 Bn in net operating profit, leading to a 75% increase in net profit after tax versus same period in 2017 to reach 419 Mn. Total assets stood at EGP 28 Bn, recording a growth of 34% from December 31, 2017, and customer deposits increased to EGP 24 Bn, reflecting a 38% increase over a 9-month period. The total portfolio of customer loans and facilities increased by 35%, to reach EGP 15 Bn .

Mr. Ali Ibrahim Marafi, Chairman of ABK-Egypt said: “ABK-Egypt has witnessed continued growth across all financial indicators. We are pleased with the consistent ability of all parts of our business to generate good returns within the Bank’s risk appetite. This year we have increased our branch network to a total of 40 branches across Egypt, with more branches opening in the near future, in line with the plan originally set out to reposition and open branches in strategic locations. Egypt remains a key market for ABK- Group, and these results reinforce our confidence in our capability to deliver attractive returns to shareholders over time.”

Khaled El Salawy, CEO and Managing Director of ABK-Egypt, commented: “We are pleased with our performance during the first nine months of this year. Our results reflect the Bank’s successful strategy to focus on solutions and activities that achieve sustainable growth. We are inherently dedicated to delivering an advanced customer experience by consistently developing and upgrading our product offering, and catering effectively to the needs of existing and potential customers.”

In line with the Bank’s growth strategy, ABK-Egypt successfully expanded its technological infrastructure and geographical presence, and today has a total of 40 branches in key districts across Egypt. The Bank serves a diverse range of corporate customers - including small, medium and large-size companies - through its corporate banking and SME solutions. Additionally, the Bank offers simplified retail services to individuals, supported by up-to-date customer service practices, such as online and mobile banking services, and a recently upgraded advanced ATM network.

For more information about ABK please visit eahli.com or contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899.