Cairo, February 2023: Al Ahli Bank of Kuwait- Egypt (ABK- Egypt), one of the fastest growing banks in the Egyptian market announced achieving outstanding financial results for the Year ended December 2022. Net Profit doubled to reach EGP 1.7 billion in 2022 compared to EGP 833 million in 2021. Net Interest Income reached EGP 2.7 billion, representing an increase of 29.1% compared to EGP 2.1 billion in December 2021, and Net Operating Profit reached EGP 2.2 billion, a 26.3% year-on-year increase compared to EGP 1.7 billion in previous year.

According to the Bank’s announced results, Total Assets grew by 33.2%, to reach EGP 75.6 billion compared to EGP 56.8 billion in December 2021, while Customer Deposits increased by 38.2% to reach EGP 66.2 billion compared to EGP 47.9 billion and Total Gross Loans Portfolio increased by 29.95% year-on-year to reach EGP 35.6 billion compared to EGP 27.4 billion in 2021.

Mr. Ali Marafi, Chairman of ABK-Egypt, expressed his gratitude for the positive results and remarkable growth rates achieved in the financial year 2022 across all financial indicators demonstrating the strength of our business strategy and the agility of our operating model despite the turbulent economic landscape. Mr. Marafi also commended all endeavors taken by the Egyptian Government and the Central Bank of Egypt (CBE) and their constant keenness to provide valuable guidance and support to the banking sector to navigate the unprecedented changes witnessed”.

Mr. Marafi, further stated that: “Our focus on our strategic direction allowed us to boost our market share while adhering to prudent risk management practices, and I take this opportunity to thank the Executive Management team for working diligently to achieve growth whilst effectively applying standards of governance throughout the year. Finally, I would like to thank our Board of Directors, shareholders and clients for their constant trust and loyalty in the Bank”.

Commenting on the results, Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “We take pride in achieving these outstanding results in 2022, recording highest profits since we started our operation in Egypt seven years back. We managed to deliver remarkable results in terms of growth and profitability during a very exceptional year with Profit before Tax recording a 70% year-on-year increase to reach EGP 2.2 billion compared to EGP 1.3 billion in 2021. Our positive performance reflects a solid financial position and confirms the effective role played by our team in delivering our strategy and fortifying our market position. Therefore, I take this opportunity to thank our staff for their hard work and perseverance that allowed us to remain at the forefront of competition”.

In closing, El Salawy added: “We remain positive about our future in the country and support all efforts exerted by the Egyptian Government and the Central Bank of Egypt that pave the way for a brighter economic outlook. We also remain committed to supporting the national direction towards digital transformation in line with our digital strategy and Financial Inclusion goals. Within the framework of this commitment, ABK-Egypt recently launched a series of initiatives that target unbanked segments with appealing benefits”.

ABK-Egypt strategy will continue to focus on sustainable growth through investing in the development of our human capital, enhancing our competitive advantage across all sectors, and taking further steps towards strengthening our relationship with our customers.