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Al Ahli Bank of Kuwait - Egypt records 58% growth in net profits, reaching EGP 109 million in Q1-2018

  • ABK-Egypt triples total loan portfolio since its acquisition in 2015
  • Total assets increased by 16% to reach EGP 24.4 billion in Q1-2018 

Cairo, June 2018 – ABK-Egypt continues its remarkable success story, announcing an unprecedented upsurge in net profits and net operating profits, which, in Q1-2018 rose to EGP 109 million and EGP 287 million respectively, compared to Q1-2017. Net operating profits generated a strong increase of 25%, compared to the same period last year, which reflects the positive and robust growth in the bank’s operations in the Egyptian market.

In comparison to 2015, the year of the bank’s acquisition, customer deposits have almost tripled, reaching EGP 20.7 Billion, and recorded an 18% growth compared to year-end 2017. Total asset value reached EGP 24.4 Billion compared to EGP 21 Billion in year-end 2017, a reflection of the bank’s effective strategy to provide simpler and fast services to new and existing customers.

Additionally, ABK-Egypt’s customer loans portfolio tripled in Q1-2018, compared to year 2015, the year of the bank’s acquisition, to reach EGP 12 Billion, achieving a 9% growth compared to year-end 2017. This translates into EGP 1 Billion worth of new loans extended within three months, and EGP 8 Billion over the last three years. 

ABK-Egypt’s excellent results were enabled by an ambitious market entry strategy based on horizontal and vertical growth. This included geographical expansion, maximization of the number of customers and diversification of the type of bank services and customers. This included the provision of innovative services, efficient customer response, expanding financing services to small and medium companies, growing its retail banking operations, introducing e-services and upgrading the ATM machine service with innovative technology.

During the year, ABK-Egypt received several prestigious awards such as the ’Fastest Growing Bank of Egypt’ Award from International Finance Magazine (IFM). Moreover, the Bank’s CEO and Managing Director, Khaled El Salawy, received the “Banker of the Year” Award from Banker Middle East magazine in recognition of the Bank’s commanding performance recently.

For more information about ABK-Egypt and its services, please call Customer Care on 19322, 24 hours a day, 7 days a week or visit www.eahli.com.