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Al Ahli Bank of Kuwait – Egypt Net Operating Profit Rises 32% in First Nine Months of 2019

Egypt, November, 2019: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, maintained its positive momentum in the first nine months of 2019, with Net Operating Profit advancing 32% from the same period a year earlier to reach EGP 712 million. Net interest income climbed 35% to EGP 1.02 billion, while customer deposits grew 18% to reach EGP 28.41 billion.

Total assets also increased 18% in the period, exceeding EGP 33 billion, while the bank’s gross loan portfolio grew 21% to over EGP 19 billion.

 Ali Ibrahim Marafi, Chairman of ABK Egypt said: “ABK-Egypt continues to go from strength to strength, as we expand our footprint in the Egyptian market, and deliver on our promise of providing a ‘Simpler Banking’ experience to our customers.  Our capital base remains robust, and we continue to bring innovative offerings to the market, so we are well positioned to continue this upward momentum.”

Mr. Khaled El Salawy, CEO and Managing Director said: “These positive results are a reflection of the effort and commitment of ABK-Egypt team to deliver superior experiences to our customers, and the strength and agility of our leadership team to drive our business strategy. We will continue our focus on training and empowering our human capital to help drive further growth while ensuring service excellence. Moving forward, we will introduce more innovative digital offerings that meet our customers’ ever-evolving needs.”

ABK-Egypt was recently named “Most Innovative Bank – Egypt” by The European magazine in its Global Business Awards, which recognize excellence in the global banking and finance community. It was also recognised as “Fastest Growing Bank in Egypt” by International Finance Magazine, reflecting the Bank’s strong performance since entering the Egyptian market.