News & Promotions

Al Ahli Bank of Kuwait - Egypt Maintains Positive Momentum in Q3 2020

Cairo, 9 th November, 2020: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt), one of Egypt’s fastest growing banks, announced solid results for the third quarter of 2020, with a Net Profit of EGP 543 Million, representing a 42% increase over the corresponding period in 2019. Net Operating Profit increased by 39% over the same period to reach EGP 987 Million in Q3 2020. The Bank’s Net Interest Income also increased by 34% over the same period to reach EGP 1.4 Billion.

The Bank’s quarterly results were driven by strong business performance, which saw Total Assets reaching EGP 39.4 Billion at the end of Q3 2020, representing a growth of 11% compared to December 2019. Gross Loans witnessed a year to date growth of 15% to reach EGP 22.3 Billion and Customer Deposits saw a year to date growth of 19% compared to December 2019, to reach EGP 33.7 Billion.

Commenting on the results, Mr. Ali Marafi, Chairman of ABK-Egypt, said: “This year has been challenging, but the commitment of our dedicated staff to ensure value for those we support is a source of great pride. Since the onset of the Coronavirus pandemic, we methodically and prudently tracked and assessed the projected impact on our stakeholders, our operations, and the communities in which we operate. This forward thinking mind-set has fuelled a strategic approach that has seen us succeed. I remain confident in the Bank’s resilience to deliver a solid performance under difficult circumstances, and meeting the Bank’s priorities for the financial year and beyond, as market conditions improve.” 

Mr. Khaled El Salawy, CEO & Managing Director of ABK-Egypt, said: “We are fully aware of the difficult conditions that individuals and businesses have been through this year. As part of our dedicated efforts to help our customers in their time of need, we have leveraged our agility to proactively support them as they navigate the economic and social impact of the Coronavirus pandemic. Throughout this period, our bank has remained open and available to assist clients, while ensuring all recommended distancing and hygiene practices are adhered to. The growth of 42% in our Net Profit demonstrates the resilience of our primary business, and a strong balance sheet, despite significant ongoing uncertainty. Our continuous investment in technology, enhanced online banking features and a fully integrated business banking platform, empowers our customers to securely access  the services they need on our digital channels or at the branch.”

As we conclude another positive quarter, I extend gratitude to our employees for their dedication, loyalty, and determination, which has helped us navigate multiple challenges during this period and come out stronger together.
I also express our sincere appreciation to our customers for their continued trust.” Mr. El Salawy concluded.

ABK-Egypt continues to invest in technology, innovation, and customer service under its ‘Simpler Banking’ strategy. Through a number of enhancements to its digitals offerings, ABK-Egypt has set new benchmarks for the region. The Bank pioneered the Electronic Know-Your-Customer (e-KYC) solution, a fully digital on-boarding process for customers to self-register on the Bank’s digital payment & transfer application, ‘ABK-Egypt Mobile Wallet’. The Bank’s efforts in digital transformation have led to its recent recognition by “International Finance”, a premium business magazine, as the ‘Most Innovative Bank in Egypt’ in 2020.  The Bank’s Executive Leadership was also recently acknowledged by “Global Finance” for Outstanding Crisis Leadership during 2020.