ABK - Egypt Records Solid Net Profit of EGP 551 Million in Q1 2022
Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, announced very positive results for the first quarter of 2022, with a Net Profit of EGP 551 Million, which reflects the immense growth in the volume of business carried out by the Bank since entering the Egyptian market.
According to the Bank’s announced results for the first three-month period ended 31 March 2022, ABK-Egypt’s Net Interest Income increased by 23%, reaching EGP 603 Million compared to EGP 490 Million over the same period in 2021.
Net Operating Profit increased by 33%, amounting to EGP 478 Million, compared to EGP 360 Million over the same period in 2021, Profit before tax stood strong at EGP 698 Million.
The Bank’s Total Gross Loans Portfolio increased by 10%, reaching EGP 30 Billion, compared to EGP 27.4 Billion at the end of 2021, Total Customer Deposits witnessed an increase of 7% to reach to EGP 51 Billion, compared to EGP 48 Billion, and Total Assets also increased by 7% to reach EGP 61 Billion compared to EGP 57 Billion in December 2021.
ABK-Egypt has succeeded in doubling its market share since the completion of the acquisition in 2016, which is clearly evident in the positive financial results that the Bank continuously achieves.
These results reflect the Bank’s exceptional performance over the past period to achieve sustainable growth, This represents clear evidence of ABK-Egypt’s strong growth strategy in the Egyptian market that is based on prudent management methods and ambitious aspirations on both local and regional levels.
Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt, said, "ABK-Egypt’s strategy is based on sustainable and balanced growth in the Egyptian market, where we are relentlessly working to maintain by strengthening and developing our banking services and the efficiency of our staff to ensure we provide our customers with a distinctive banking experience.”
Mr. Marafi also expressed his appreciation for all endeavors taken by the Egyptian Government and the Central Bank of Egypt (CBE) as well as their constant keenness to provide guidance with all means of support, adding, “Our Board of Directors, Shareholders, Executive Management, and clients’ trust and loyalty, together with our employees’ diligence and devotion, were the reason behind our success."
Mr. Khaled El Salawy, CEO and Managing Director of ABK-Egypt, stated: "The Egyptian banking sector is witnessing continuous developments that require us to exert more effort, which every member of ABK-Egypt’s family succeeds in delivering in line with an integrated strategy that we developed in 2020, Certainly, the world is going through a difficult period in which the economic burdens are growing dramatically, and without our full readiness at all levels, we would not have been able to maintain our growth rates in profits and expand our market share during these challenging circumstances.”
“Our positive results during the first quarter of this year confirm the effective role played by the Bank in supporting the Egyptian economy through a strategy based on achieving strong growth rates on all financial indicators, which contributes to strengthening our position as one of the leading banks in Egypt”, added El Salawy.
Mr. El Salawy concluded, “In 2022, we look forward to expanding our presence in the market through intensifying our focus on service excellence, exploring new customer segments, offering innovative products that cater to our clients’ needs, in addition to investing in ABK-Egypt’s technology infrastructure, in the hope of conforming to the national goal of digital transformation.”
This continuous success achieved by Al Ahli Bank of Kuwait - Egypt is based on offering a wide variety of products and services that are specifically designed to meet the growing needs of its customers. In 2022, the Bank will continue its commitment to promoting financial inclusion, availing financial products and services to all segments of society, whilst continuing to focus on supporting the SME sector, given the importance of this vital sector in the growth of the local economy.
