Al Ahli Bank of Kuwait- Egypt records EGP 2.3 billion Net Profit for the nine – month period ended 30 September 2023
Cairo November 2023: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of Egypt’s fastest growing banks in the Egyptian market announced achieving strong financial results for the nine-month period ended 30 September 2023. Net Profit reached EGP 2.32 billion in the end of September 2023, an 84% increase compared to EGP 1.26 billion over the same period last year, while Net Interest Income reached EGP 2.86 billion, reflecting a 45.9% increase compared to EGP 1.96 billion in September 2022, demonstrating the Bank’s ability to record steady growth despite challenging market conditions. Net Operating Profit increased by 73% to reach EGP 2.71 billion compared to 1.57 billion, and Profit Before Tax recorded EGP 2.96 billion compared to 1.7 billion in September 2022.
The announced results reflect a healthy financial position with Total Assets standing at EGP 90.4 billion, recording a 19.6% year-to-date growth compared to EGP 75.6 billion in December 2022, Customer Deposits recorded an 11.5% increase to reach EGP 73.78 billion compared to EGP 66.15 billion, and Total Gross Loans Portfolio grew by 28.6% to reach EGP 45.8 billion compared to EGP 35.61 billion in 2022.
Mr. Ali Marafi, Chairman of ABK-Egypt, expressed his gratitude for the solid financial results achieved, reflecting ABK-Egypt’s strong financial performance in the Egyptian market and the Bank’s persistence on pursuing its growth plans. He also reaffirmed that ABK-Egypt has succeeded in implementing its strategy, focusing on supporting Smal & Medium Enterprises (SMEs), endorsing financial inclusion, enhancing geographical presence, and adopting sustainable finance principles and practices, all in line with Central Bank of Egypt’s directions and Egypt’s 2030 vision for comprehensive development.
Commenting on the results, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “Our financial performance demonstrates the success of our vision to become one of the fastest growing banks in the Egyptian market, as well as the agility of our growth strategy and business model over the past seven years that allowed us to seize market opportunities and drive scalable growth on all financial indicators. We also remain committed to supporting all national efforts towards driving economic stability and growth as we navigate the challenging local and global economic conditions.”
He added that over the course of the year, the Bank managed to increase the ratio of Small and Medium Enterprises (SMEs) sector credit portfolio to reach 25% of the Bank's total loans portfolio, which comes in line with the requirements of the Central Bank of Egypt. He further explained that ABK-Egypt was able to realize these results through the orchestrated efforts of all employees in the Bank, guided by the directions of its management team, which led the Bank towards achieving solid and steady growth rates in terms of revenue and profitability over the past years.
It is worth mentioning that ABK-Egypt has taken steady steps to implement its digital transformation strategy with focus on upgrading its technology infrastructure, accelerating customer growth, and maximizing value through targeted segmentation. The Bank has also set financial inclusion as a top priority in 2023 with clear pillars to support national directions and the Central Bank of Egypt’s plans to avail simplified banking services with appealing benefits to attract unbanked segments.
In the same context, the Bank has succeeded in launching several community development initiatives throughout the year in support of various sectors with focus on providing education and medical support to underprivileged segments, in addition to further initiatives to empower women, youth and individuals with disabilities.
ABK-Egypt strategy will continue to focus on realizing sustainable growth through diversification of banking products and services to achieve competitive advantage, expanding customer loans portfolio for both individuals and companies, supporting Small and Medium Enterprises, taking further steps towards strengthening the relationship with customers, and adhering to sustainable development principles.
