ABK-Egypt reports significant Q1 ’24 financial growth
Al Ahli Bank of Kuwait-Egypt (ABK-Egypt) net profit rose by 189 per cent to EGP 3.2 billion, up from EGP 1.1 billion in Q1 2023, the bank said in a statement on Monday.
The bank’s net interest income also saw a 71 per cent increase, reaching EGP 1.4 billion, while net fees and commissions income grew by 165 per cent to EGP 477 million.
The statement further said that the bank’s total assets grew by 18 per cent to EGP 115 billion, customer deposits increased by 15 per cent to EGP 95.9 billion, and the total gross loans portfolio rose by 22 per cent to EGP 60.4 billion, while the non-performing loans (NPL) ratio stood at 1.65 per cent at the end of March 2024.
“The Bank’s outstanding results over the first quarter of 2024 reflect the remarkable success in delivering our growth strategy and confirm the strength of the Bank’s financial position, balance sheet, quality of credit services, sustainable finance, and liquidity growth ratios while maintaining steady growth in business volume and profitability, all paving the way to achieving further success in 2024,” said ABK-Egypt’s Chairman, Ali Marafi.
The CEO and Managing Director, Khaled El Salawy, echoed these sentiments, highlighting the bank’s operational excellence and the notable increase of 185 per cent in profit before tax, which reached EGP 3.6 billion.
El Salawy also emphasised the bank’s commitment to its ambitious growth strategy and its focus on enhancing performance across all business lines. He expressed confidence in the team’s ability to deliver even stronger results in the future.
