Al Ahli Bank of Kuwait - Egypt achieves breakthrough Results for the Financial Year 2023 with Net Profit recording EGP 2.8 billion

Al Ahli Bank of Kuwait - Egypt achieves breakthrough Results for the Financial Year 2023 with Net Profit recording EGP 2.8 billion

Cairo, February 2024: Al Ahli Bank of Kuwait - Egypt announced record financial results for the fiscal year 2023, reporting a record increase in the Bank’s Net Profit by 67%, which stood at EGP 2.8 billion compared to EGP 1.7 billion in 2022. Net Operating Profit reached EGP 3.9 billion, representing an 82% year-on-year increase compared to EGP 2.2 billion in 2022. As for ABK-Egypt’s financial position, Total Assets stood at EGP 97.6 billion, recording a 29% growth compared to EGP 75.6 billion in December 2022.

According to the Bank’s announced results, Net Interest Income reached EGP 4.1 billion, an increase of 49% compared to EGP 2.7 billion in 2022. This remarkable growth in profitability is attributed to the significant growth in the Bank’s Total Gross Loans Portfolio, which increased by 39% to record EGP 49.5 billion compared to EGP 35.6 billion, while Customer Deposits increased by 26% to reach EGP 83.1 billion compared to EGP 66.2 billion in December 2022.

Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt stated: “The remarkable performance achieved last year demonstrates our unwavering commitment to our progressive strategy and long-term vision that focus on sustainable growth in the Egyptian market, which holds promising investment opportunities. 

Furthermore, Mr. Marafi affirmed that ABK-Egypt has taken very steady steps towards adapting to the changes in the economic landscape, reflecting its resilience in facing the consequential challenges on local, regional, and global levels. He also commended the professional performance of the Executive Management Team, which ensured profitability whilst maintaining a vigilant focus on the quality of the Bank's credit portfolio. Finally, he expressed his gratitude to the Bank’s Board of Directors, shareholders and clients for their constant trust and commitment to ABK-Egypt." 

Reaffirming the strength of the Bank’s financial position, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt said: "The Bank succeeded in achieving breakthrough performance in terms of growth & profitability during a very exceptional year. With Profit Before Tax recording a 72% year-on-year increase to reach EGP 3.8 billion, I am proud to say that 2023 did not slow us down. We have managed to progress at a steady pace in an extraordinary year, demonstrating the agility of our business model and prudence of our decisions that allowed us to best navigate the unprecedented changes and seize business opportunities that strengthened our position in the face of competition.”

Mr. El Salawy praised the efforts of the robust, prudent, and committed team, who are the Bank’s primary catalyst of success. He also praised the leading role played by the Central Bank of Egypt (CBE) in supporting the entire banking sector to navigate the turbulent economic conditions. Finally, Mr. El Salawy affirmed that ABK-Egypt maintains a positive outlook regarding the stabilization of economic conditions thanks to the efforts and measures taken by the government in overcoming challenges and leading the economic recovery.

ABK-Egypt’s strategy continues to focus on achieving robust growth rates on all financial performance indicators through enhancing the Bank’s competitive advantages across all business sectors, investing in the development of its human capital, taking further steps towards strengthening its relationship with customers, and delivering innovative banking services that provide ease and convenience to various customer segments. All to ensure that the Bank continues to achieve its ambitious goals and strong position in the Egyptian market.

Over the course of 2023, ABK-Egypt continued its efforts in Corporate Social Responsibility through launching initiatives and activities that focus on supporting underprivileged segments of society and empowering Egypt’s future generations. The Bank continued to affirm its dedication to the wider communities through extending full support to those in need and with an array of social initiatives ranging from the provision of financial relief, outreach to the underprivileged with shelter, healthcare, and food supplies, and exploring opportunities to help children, youth, women, and individuals with disabilities. In addition, the Bank has taken an active part in all financial inclusion initiatives launched by the Central Bank of Egypt (CBE) to raise awareness among all segments on financial literacy and banking services.