July 24, 2024

Al Ahli Bank of Kuwait – Egypt Records EGP 2.3 Billion Net Profit – 84% Growth for the Nine-month Period Ended 30 September 2023

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Mr. Khaled El Salawy, CEO and Managing Director of ABK-Egypt-Image Courtesy: ABK-Egypt

Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of the fastest-growing banks in the Egyptian market, announced strong financial results for the nine-month period ended 30 September 2023. Net Profit reached EGP 2.32 billion, demonstrating an 84% increase compared to EGP 1.26 billion in the same period last year. Net Interest Income reached EGP 2.86 billion, reflecting a 45.9% increase compared to EGP 1.96 billion in September 2022.

Total Assets stood at EGP 90.40 billion, representing a 19.6% year-to-date growth compared to EGP 75.60 billion in December 2022. Customer Deposits recorded an 11.5% increase to reach EGP 73.78 billion compared to EGP 66.15 billion, and the Total Gross Loans Portfolio grew by 28.6% to reach EGP 45.80 billion compared to EGP 35.61 billion in 2022.

Mr. Ali Marafi, Chairman of ABK-Egypt

Expressing his satisfaction, Mr. Ali Marafi, Chairman of ABK-Egypt, said, “The results reflect ABK-Egypt’s resilience, where our performance during the nine-month period has exceeded the Group’s expectations since entering the Egyptian market.” He expressed his optimism about positive developments in the upcoming period, thanks to the various measures taken by the Egyptian government and the Central Bank of Egypt (CBE) to enhance economic growth in the country.

He reaffirmed that ABK-Egypt has succeeded in implementing its strategy, focusing on supporting Small and Medium-sized Enterprises (SMEs), endorsing financial inclusion, enhancing geographical presence, embracing digital transformation, and adopting sustainable finance principles and practices, in line with CBE’s directives and Egypt Vision 2030.

As a reflection of this, ABK-Egypt was recently successful in winning the ‘Fastest Growing Bank in Egypt’ award from International Business Magazine in recognition of its achievements and growth since the Group’s acquisition of Piraeus Bank Egypt in 2015. This award highlights the continuous support the Bank receives from all regulatory authorities, particularly CBE, revealing its commitment to meeting all requirements aimed at elevating the success of the Egyptian banking sector.

On his part, Mr. Khaled El Salawy, CEO and 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. This is in addition to the agility of our growth strategy and business model over the past eight years that allowed us to seize market opportunities and drive scalable growth on all financial indicators. We 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, ABK-Egypt managed to increase the ratio of its SME sector credit portfolio to reach 25% of the Bank’s total loans portfolio, which aligns with CBE’s requirements. He emphasized that ABK-Egypt is keen on keeping up with developments in the banking sector and introducing simple and innovative banking services and solutions that meet the needs of all customer segments.

Mr. El Salawy added that ABK-Egypt always strives to achieve its expansion goals in various fields through the collaboration of all employees and senior management. He pointed out that the Bank has a record filled with achievements in terms of revenues and profitability over the past years. He revealed that it continues to develop its strategy, enabling it to gain the trust of customers in the retail and corporate banking sectors. It also aims to form numerous partnerships that contribute to meeting their needs at all levels.

Strategic Planning
It is worth mentioning that ABK-Egypt has taken steady steps to implement its digital transformation strategy, with a focus on upgrading its technology infrastructure, accelerating customer growth, and maximizing value through targeted segmentation. The Bank has also prioritized financial inclusion in 2023, with clear pillars to support national directions and the plans of CBE 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 to support various sectors, with a focus on providing education and medical support to underprivileged segments. Additionally, there are further initiatives to empower women, youth, and individuals with disabilities.

ABK-Egypt’s strategy will continue to focus on realizing sustainable growth through the diversification of banking products and services to achieve a competitive advantage. This includes expanding the customer loans portfolio for both individuals and companies, supporting SMEs, further strengthening the relationship with customers, and adhering to sustainable development principles.

Furthermore, as part of its ambitious strategy to expand its banking services, increase its customer base, and enhance its geographical presence in Egypt, the Bank recently opened its latest branch in Agora Mall in Fifth Settlement, New Cairo. This brings its branch network up to 45 branches in 18 governorates across the country.

As an essential part of its digital transformation strategy, ABK-Egypt continues to invest in technology and innovation to serve its customers. It has made several enhancements to its digital banking channels, driven by its continuous efforts to keep up with advancements and place them in the hands of its customers.

Article received On Mail By Al Ahli Bank Of Kuwait-Egypt

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