Al Ahli Bank of Kuwait–Egypt H1 net profit grows 12%

Al Ahli Bank of Kuwait–Egypt (ABK-Egypt) reported on Sunday a 12 percent year-on-year growth in net profit for the first six months of the year that ended in June.

Net profit rose to 396 million Egyptian pounds ($25.2 million) for the January-June 2021 period.

Profit before taxes also rose to 580 million pounds at the end of June.

Net Interest Income also grew 13 percent to reach 1 billion pounds.

The bank’s total assets went up 19 percent to 49 billion pounds, while customers’ deposits significantly hiked by 27 percent to a total of 42.6 billion pounds from 33.6 billion pounds in the same period last year.

Total loans increased 5 percent to 22.9 billion pounds. Strong capital and liquidity, coupled with a healthy deposit mix, enabled the Bank to deliver consistent support to individual and institutional customers.

Net operating profit surged 20 percent to 756 million pounds for the January-June 2021 period.