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ABK-Egypt Sustains significant Growth in First Quarter

Egypt, 16 June 2019: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, has reported strong results for the first three months of 2019.  Net Operating Profit increased 41% to EGP 213 million in comparison with the first quarter last year, while Net Interest income increased 40% to EGP 313 million.  Customer Deposits grew by 8% to over EGP 25.95 billion, and Total Assets by 6%, to exceed EGP 29.93 billion. During the same period, the Bank’s gross loans portfolio grew 6% to over EGP 17.34 billion,   , with the non-performing loan (NPL) ratio continuing to be strong at 2.86% and Shareholder Equity stable at EGP 2.74 billion.  

Mr Ali Ibrahim Marafi, Chairman of ABK Egypt, said:  “I believe we have made a strong start to 2019.  These results reflect the consistent hard work by the Bank and its focus on delivering our long-term promise of a ‘Simpler Banking’ experience for our clients.  Although the banking and business environment in Egypt is rapidly evolving, we are determined to sustain the progress we have achieved to date, investing in the future of our business and the future of the Egyptian economy and investing in our employees at  ABK.”

Mr Khaled El Salawy, CEO and Managing Director of ABK-Egypt, said: “These results underline the robustness of ABK-Egypt’s approach and reflect our deep commitment to sustainable growth. The increases in Net Operating Profit and Net Interest are underpinned by real growth in customer deposits and the strength of our loan portfolio. Our strategy of service excellence, focus on product development, and attention to customer needs will help us to continue to grow and provide the banking products and services our customers require.”         

In keeping with its commitment to making life easier and simpler for its customers, as well as  providing an enjoyable banking experience, ABK-Egypt has continued to extend its network during 2019, opening new branches in Abbas El Akkad, Nasr City and the Obour City, increasing the Bank’s network to 41 strategically located branches across Egypt.

ABK-Egypt was also heavily involved in activities to mark this year’s Arab Financial Inclusion Day on 27 April.  As part of its programme, ABK-Egypt has reached out to several rural communities beyond its traditional branch network to offer banking facilities, often providing people with their first opportunity to access banking services and products.  

In January 2019 ABK-Egypt was recognised by International Finance Magazine as the “Most Innovative Bank in Egypt” in recognition of the Bank’s consistently strong results and its commitment towards its vision of simpler banking.

ABK-Egypt plans to continue its geographical expansion in Egypt to increase universal access to banking services. In addition to its range of Corporate Banking and SMEs solutions, the Bank also offers simplified retail services to individuals supported by innovative digital services, such as online and phone banking, mobile wallet and advanced ATM services.