20 August 2019
Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, has reported strong results for the first six months of 2019. Net operating profit rose 30% over the same period last year, to reach EGP 440 million, while net interest income climbed 34% to reach EGP 643 million.
Customer deposits grew by 8% to EGP 25.96 billion, and total assets increased 11%, to exceed EGP 31 billion. During the same period, the Bank’s gross loans portfolio grew 13%, to EGP 18 billion. The non-performing loan (NPL) ratio stood at 2.39% and shareholders equity at EGP 2.89 billion.
Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt said, “These positive results build on the success we achieved in 2018, where we delivered a record net profit, and reflects the consistent efforts of the Bank to provide superior customer service to our clients. This year, ABK-Egypt has continued to expand geographically within the Egyptian market, while retaining our focus on our long-term objective of delivering a “Simpler Banking” experience to our clients.
With a robust capital base, I am confident we will continue this upward momentum in Egypt.”
Mr. Khaled El Salawy, CEO and Managing Director said, “We will continue to deliver on our strategic goals. We have expanded our footprint in the Egyptian market, added new services and products that make the banking experience simpler and more accessible for customers, and continued to invest in our employees. We look forward to delivering sustainable growth, and to providing banking experiences that align with our clients’ needs.”
The bank has rapidly expanded and now has 42 branches with 81 ATMs placed in strategic locations across the country. ABK-Egypt has also opened three specialized centres for Trade Finance services, covering East & Central Cairo and Alexandria, to cater to the needs of corporate customers.
ABK-Egypt has launched a range of innovative products and services including the ABK Wallet, a mobile application that allows customers to perform various transactions, and automated phone banking services. This year ABK-Egypt launched the World Elite Credit card, which goes beyond standard rewards cards to offer a personalized service to ABK-Egypt’s most valued customers, and a Platinum Debit card.
ABK-Egypt was named “Fastest Growing Bank in Egypt” by International Finance Magazine, recognizing the Bank’s strong performance since entering the Egyptian market as well as “Most Innovative Bank in Egypt”. ‘Business Live’ also recently recognized ABK as the fasted growing bank in the region. The Financial Times Magazine listed ABK Group on the ‘movers’ list in the region for 2019.