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Al Ahli Bank of Kuwait – Egypt Delivers Strong Financial Performance With 38% Increase in Net Profit for First Half of 2018

 

·         Total Assets reach 26,155 Million Egyptian Pounds, up 38% over same period last year

·         Bank  continues to grow its portfolio across Retail, Corporate and SME financing

 

Cairo, 2nd August 2018: Sustaining its strong performance as one of Egypt’s fastest growing banks, Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) today reported an increase of 38% in Net Profit for the first half of 2018. Net Operating Income for the financial period ending 30thJune 2018 stood at 640 Million Egyptian Pounds, 33% increase compared to 480 Million Egyptian Pounds for the same period in 2017. Total Assets reached 26,155 Million Egyptian Pounds, an increase of 38% over the corresponding figure in the first half of 2017. Shareholders’ Equity rose by 413 Million Egyptian Pounds to reach 2,583 Million Egyptian Pounds, a growth of 19% year-on-year.

 

The Bank’s Customer Deposits increased to 21,995 Million Egyptian Pounds compared to 15,688 Million Egyptian Pounds in the First Half of 2017, a 40% increase. Gross customer loans grew by 41% in the first half of 2018 to reach 13,872 Million Egyptian Pounds. Asset quality improved due to continued focus on maintaining non-performing loans (NPL) ratio 3% with NPL coverage of 59%. Capital Adequacy Ratio remained strong at 15.51%, a prudent surplus to regulatory requirements.

 

 Mr. Khaled El Salawy, CEO and Managing Director of ABK-Egypt said, “As one of the country’s fastest growing Bank’s, ABK-Egypt has made significant progress through its evolving product suite, its committed approach to service and its innovative technology infrastructure. Our robust financial performance in the first half of this year reflects the strength of our balance sheet and asset quality. Our key business lines have all done exceedingly well and our investment in digital banking services as well as our ‘Simpler Banking’ strategy have been appreciated by our customers. Going forward, we are confident that we can build on this momentum to ensure we continue to deliver outstanding value to our Shareholders and clients”.

 

Aligned with the Group’s growth strategy, ABK-Egypt has successfully expanded its presence in Egypt with 3 new branches to total 40 branches. The Bank is equipped to serve a diverse range of corporate customers, including small, medium and large size companies through its corporate banking and SME solutions. Additionally, it offers modern and simplified retail services to individuals, supported by advanced customer service offerings such as e-services and innovative upgrades on ATM machines.

 

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.

 

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